Allen & Overy advises joint lead managers and bookrunners on bond issuance
Allen & Overy has advised BNP Paribas, Citigroup, Deutsche Bank, Royal Bank of Scotland and Standard Chartered Bank, as joint lead managers and bookrunners, on the issuance of $1.5bn (£880m) and €525m (£415m) bonds by ONGC Videsh Ltd (OVL), which were guaranteed by OVL’s parent Oil and Natural Gas Corporation (ONGC). The bonds were issued under Regulation S of the US Securities Act of 1933, as amended.
OVL is a premier oil and gas company focusing on offshore exploration and production assets. It is a wholly owned subsidiary of ONGC, India’s largest national oil and gas exploration and production company.
The transaction is the largest Regulation S bond issue from India to date. It is also OVL’s inaugural offering of euro denominated bonds.
The Allen & Overy team had earlier advised the joint lead managers and bookrunners on OVL’s inaugural $800m bond issue under Regulation S in May 2013. The team also advised on the inaugural bond issues by Indian Oil Corporation and Bharat Petroleum Corporation.
Partners Andrew Harrow and Amit Singh led the Allen & Overy capital markets team from Hong Kong with support from associates Garrick Merlo, Emily Dong, Julie Song and Debolina Saha.
News from The Lawyer
Analysis from The Lawyer
At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.