International Financing Review Asia (IFR Asia), one of the most coveted capital market agencies in Asia, conferred the Indian Capital Market Deal of the Year 2012 to IndianOil’s recently issued Singapore Dollars (SGD) bonds at a glittering ceremony held in Hong Kong recently. The award was received by Mr. P.K. Goyal, Director (Finance), IndianOil.
Indian Oil Corporation Ltd., the largest commercial enterprise of India, became the first Indian corporate to price long-term SGD bonds of 400 million for 10 years in October 2012. This issue had set many benchmarks, e.g., the first SGD denominated bond issuance by any Indian Corporate; the largest SGD offering by any foreign corporate issuer in 2012; and the largest-ever SGD issuance by an Indian issuer and the longest tenor senior note in the SGD market by a foreign issuer in 2012.
This deal was also an innovative way of raising long-term funds, which was widely appreciated by the market participants. It has paved the way for other Indian corporates to tap the Singapore market for their long-term financing needs.