Reliance sells India's first fixed-for-life perpetual

The $800 million senior perpetual bond offers no step-up in coupon or rate reset.

Reliance sells India's first fixed-for-life perpetual
Mukesh Ambani, chairman of Reliance Industries

Mukesh Ambani-controlled Reliance Industries last night priced an $800 million senior perpetual bond after attracting an order book of $3 billion.

The market backdrop towards perpetuals has soured in recent weeks, with Cheung Kong’s perpetual shedding several points in secondary and Chinese developer KWG Property pulling its perpetual due to weak demand.

Despite this, the company succeeding in closing the first fixed-for-life perpetual which meant that it offered no step-up in coupon...

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