Bharat Petroleum Corporation Limited (BPCL) has raised $600 million by selling 10-year dollar bonds to investors in Asia and Europe. BPCL’s Singapore arm, BPRL International Singapore Private Limited, raised the money at 200 basis points above the 10-year US treasury which came to about 4.375 per cent. Investors bid for $1.7 billion of the issue, of which the company retained $600 million. About three-fourths of the investors were from Asia while the remaining were from the Middle East and Europe. BPCL will utilise the funds raised to refinance short-term loans taken by the company to buy stakes in Tass-Yuryakh and Vankor, two oil fields operated by Russian government-owned oil company Rosneft. Five banks, namely, Citibank NA, Standard Chartered Plc, DBS Limited, Mitsubishi UFJ Financial Group and SBI Capital Markets, arranged the bond sale.