ONGC points to India's potential

摘要

A record overseas bond issue from ongc videsh, the offshore arm of India's biggest oil company, has raised hopes of a surge in international financings under the country's pro-reform government. The US$2.2bn-equivalent, dual-currency deal is the biggest bond offering from India, beating a US$2bn record set by telecoms major bharti airtel less than two months ago. Such a big deal from the stable of state-owned Oil and Natural Gas Corp has also prompted comparisons to major offshore borrowings from China's public sector, where energy companies such as China Petroleum and Chemical Corp, or Sinopec, and China National Offshore Oil Corp have led a wave of jumbo debt offerings.