Savvy Reliance prints $500 million tap inside secondary levels

The flagship Indian company taps unfulfilled demand from US funds seeking a meaningful exposure to its credit.

Savvy Reliance prints $500 million tap inside secondary levels

Reliance Industries, the flagship company of Mukesh Ambani’s Reliance Group, reopened its $1 billion 2022 bonds early on Friday morning with an opportunistic $500 million tap that priced inside of secondary levels a rare outcome for a tap.

Most taps offer investors a wider spread over Treasuries compared to the outstanding bonds to attract investors to participate. But Reliance took advantage of strong demand for its credit particularly from US investors that were keen to...

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