Reliance connects investors with $300m bond

The telecommunications arm of conglomerate Reliance is out with a debut dollar bond, India’s first international high-yield corporate debt issuance in nearly two months.

Reliance Communications sold a maiden $300 million 5.5-year bond late on Monday, pricing India’s first high-yield corporate bond in almost two months.

Rated Ba3BB-, the Reg S-only offering priced at 6.5%, around its initial price guidance area, according to a term sheet seen by FinanceAsia.

Orderbooks reached $650 million from 100 over accounts, with Asian investors subscribing to 75% of the notes, according to a source familiar with the matter. The paper, however, relied heavily of private banks and retail participation, which accounted for 67% of it.

The Mumbai-based telecommunications firm’s latest offering comes shortly after the completion...

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