State-owned Indian Oil Corp has agreed the margin of a $500m five year loan that it will launch into syndication before the end of the month. But the company is still discussing fees with its lenders — and bankers are likely to point to a heavy pipeline of Indian deals as a reason the borrower should pay up.

Indian Oil has agreed to pay lenders a margin of 134bp over dollar Libor, as well as the still-being-negotiated fees. The margin is roughly in line with other recent public sector deals from the country…

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