JSA, A&O on Asia’s largest bond sale: ONGC Videsh $2.2bn issue

Friday, 18 July 2014 By Legally India Capital Markets

Allen & Overy (A&O) advised BNP Paribas, Citigroup, Deutsche Bank, The Royal Bank of Scotland and Standard Chartered Bank, as joint lead managers and bookrunners, on ONGC Videsh’s issue of more than $2.2bn worth of bonds. J Sagar Associates (JSA) advised ONGC Videsh.

A&O Hong Kong partners Andrew Harrow and Amit Singh with associates Garrick Merlo, Emily Dong, Julie Song and Debolina Saha acted for the lead managers on, what Singh said, was the largest bond issue from India under Regulation S to date.

Singh said via email: “It is expected that there will be robust pipeline of capital markets issues this year (both debt and equity) given the outcome of the recent Indian parliamentary elections, and we believe we are well placed to assist.”

JSA Mumbai partners Dina Wadia and Uttara Kolhatkar acted for ONGC Videsh whose issue was guaranteed by its parent ONGC – India’s largest oil and gas explorer.

This bond sale is the biggest ever from Asia, reported Mint, adding that ONGC raised $750m by selling 5-year bonds, $750m by selling 10-year bonds and an additional €525m (about $714m) in 7-year bonds.

Allen & Overy (A&O)J Sagar Associates (JSA)Allen & Overy

Comments

Half News 18 Jul 2014, 18:05
+3 -1
The Amarchands from Delhi and Mumbai office had also worked in this deal. Kian dont just give half news.
Correction 19 Jul 2014, 03:44
+1 -1
No, Amarchand were at one point working on it but the deal was completed with just one Indian counsel, JSA. Kian is right.
DCM Lawyer 19 Jul 2014, 06:54
+4 -1
The transaction started of as a Rule 144A deal which typically has two sets of DLCs and ILCs - 1 each for the issuer and the LMs but was later converted into a Reg S deal which typical has an ILC acting for the banks and 1 DLC working for the issuer. Since in this case JSA was working as the DLC for the issuer they stayed on - hope that explains @Half News
Noojie 21 Jul 2014, 06:22
+1 -0
Kian request you to also kindly report the names of the names of the associates and senior associates working on the matter. It is very improbable that only two partners worked on a deal of this nature.
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