Allen & Overy advised the joint lead managers in Oil India Limited’s USD550 million 5.125% bond offering, which was issued under Regulation S of the U.S. Securities Act of 1933.

Oil India Limited 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, The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, Mizuho Securities Asia Limited and MUFG.

Commenting on the transaction, Allen & Overy partner John Lee said: "It wasommenting on the transaction, Allen & Overy partner John Lee said: "It was a privilege to work with the Oil India team and the joint lead managers on this transaction. We have been involved in the majority of significant capital markets transactions executed from India so far this year, including advising the State Bank of India on its USD1.25 billion dual tranche Regulation S/Rule 144A senior notes issuance, which was the first Rule 144A bond offering by an Indian issuer in 2019 and we are delighted to add this one to the list. This is a testament to the reputation we enjoy in the Indian market, and the depth of our bench."

Allen & Overy continues to advise State Bank of India in connection with issuances under its MTN programme and advised on its qualified institutional placement in 2017 as well as its landmark international issuance of Basel III compliant Additional Tier 1 securities, the first of its kind in India.

The Allen & Overy team comprised lawyers across our global network and was led by partner John Lee with support from associates Julie Song, Saranrat Kunanuvat, Calvin Soon and Siak Yong Goh. Matthew Townsend, Ken Rivlin, Kuang Chiang, Tracy French, and Jonathan Benson also assisted with regulatory advice.