Allen & Overy advised Citigroup and Standard Chartered Bank as Joint Global Coordinators, and with DBS Bank Ltd., Mizuho Securities, MUFG and SMBC Nikko, as Joint Lead Managers, in connection with ONGC Videsh Vankorneft Pte. Ltd. (OVVL)’s USD1 billion notes issuance. OVVL is the wholly-owned subsidiary of  ONGC Videsh Limited (“ONGC Videsh”), the overseas arm of Oil and Natural Gas Corporation Limited (ONGC).  ONGC is India’s largest and flagship oil and gas exploration and production company, which is majority-owned by the Indian government. The bonds were guaranteed by OVVL’s ultimate parent, The note issue attracted substantial investor interest.

The issuance is the  first dual tranche issuance from India in 2016. The transaction comprised a USD400 million Senior Notes (due 2022) tranche and a USD600 million Senior Notes (due 2026) tranche.

Commenting, Allen & Overy U.S. securities partner Amit Singh said: “We have advised on all of ONGC’s international bond issuances in recent years and are pleased to have assisted ONGC once again on  this landmark bond offering. As ONGC potentially continues to acquire assets in various parts of the world to meet India’s growing energy needs, we hope to see more of such transactions.”

The Allen & Overy team was led by Amit Singh from Hong Kong, with support from lawyers Michele Discepola, David Cameron and Julie Song.

Allen & Overy’s Hong Kong team has advised on the majority of debt capital market transactions from India recently, including Samvardhana Motherson Automotive Systems Group’s maiden U.S. dollar high yield bond offering, Axis Bank’s maiden Rule 144A/Regulation S green bond offering, NTPC Limited’s green masala bond, Export-Import Bank of India’s maiden Rule 144A/Regulation S offering and Glenmark Pharmaceuticals Limited’s U.S. dollar high yield bond offering and U.S. dollar convertible bond offering.