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.