Oil-marketing company Bharat Petroleum Corporation has put out price guidance for a yield of Treasuries plus 225bp area on an offering of 10-year Reg S-only US dollar bonds with the size capped at $500 million.
The senior unsecured bonds, expected to be rated Baa3/BBB- (Moody's/Fitch), on par with the issuer, will be issued off its $2-billion MTN programme.
There is a change-of-control put if the Government of India ceases to hold a majority stake in the company. It currently owns 54.9% of the shares.
Citigroup, Deutsche Bank, HSBC and Standard Chartered are joint book-runners for the offering, which will price as early as today.
BPCL is the third largest company in India in terms of revenue, and the country's only oil-marketing firm to make a successful venture into the upstream business.