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

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.

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