OREANDA-NEWS. International Financing Review Asia (IFR Asia), one of the most coveted capital markets agencies in Asia, conferred the Indian Capital Market Deal of the Year 2012 to IndianOil’s recently issued Singapore Dollars (SGD) bonds, in a glittering ceremony in Hong Kong last week. 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 Oct 2012. This bond 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, the largest ever SGD issuance an Indian issuer and the longest tenor senior note in SGD market by a foreign issuer in 2012.

Apart from being firsts on several counts, this deal was an innovative way of raising long term funds, which was widely appreciated by the market participants.

This path breaking deal has paved the way for other Indian corporates to tap Singapore market for their long term financing needs.