ONGC issues rare dollar bond to repay bridge loan

Asian borrowers are turning to bonds to fund offshore acquisitions, with ONGC being the latest to jump on the bandwagon.

<div style="text-align: left;"> ONGC is funding an acquisition in Azerbaijan </div>

Denise Wee

May 02, 2013

India’s national oil company Oil and Natural Gas Corp (ONGC) issued a rare $800 million dual-tranche bond on Monday night. The proceeds will be used to refinance a bridge loan taken for its acquisition of a stake in energy assets in Azerbaijan from New York-based Hess.

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