Allen & Overy advised the joint lead managers on the USD500 million 4.00% bond offering by Oil India International Pte. Ltd. (OIIPL), as issuer, and Oil India Limited, as guarantor. OIIPL is a wholly owned Singapore based subsidiary of Oil India Limited which is the second largest national oil and gas company in India as measured by total proved plus probable oil and natural gas reserves and production. The joint lead managers consisted of Barclays Bank PLC, Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., Standard Chartered Bank, DBS Bank Ltd., Mizuho Securities Asia Limited and MUFG Securities Asia (Singapore) Limited.

This deal is the most recent in a string of oil and gas transactions out of India for Allen & Overy’s Hong Kong-based capital markets team. These included advising on the dual tranche offering of USD1 billion notes by ONGC Videsh Vankorneft Pte., as issuer, and Oil and Natural Gas Corporation Limited, as guarantor, and the offering of USD600 million notes by BPRL International Singapore Pte. Ltd., as issuer, and Bharat Petroleum Corporation Limited, as guarantor.

Commenting on the Oil India transaction, Allen & Overy U.S. securities partner Amit Singh said: “It was a privilege to work with the joint lead managers and the Oil India team on this transaction. We have now represented all of the Indian state owned oil and gas companies on their bond offerings which is a testament to the reputation we enjoy in the Indian market and the depth of our bench.”

The Allen & Overy team was led by Amit Singh from Hong Kong with support from counsel David Cameron and associate Julie Song. Ken Rivlin from New York and Andrea Al-Attar from Washington D.C. also assisted with sanctions-related advice.