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ONGC issues $300 million Notes

Oil and Natural Gas Corporation (ONGC) has issued $300 million notes at a coupon of 3.375% per annum payable semi-annually in arrears on November 27, 2019 under the $2,000,000,000 Medium Term Note Programme. The Notes are rated ‘Baa1’ from Moody’s Investors Service and ‘BBB-’ from S&P Global Ratings.

The Notes will mature on December 5, 2029, unless redeemed earlier subject to the terms and conditions of the Notes. The principal and interest payments pertaining to the Notes will be made in US Dollars. The settlement date for the Notes is expected to be December 5, 2019. The bond was priced at 99.253% to provide a yield to maturity of 3.464% per annum.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

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