Reliance bond

Reliance taps investors with nimble dollar benchmark

Shui On Land and China Overseas Land also join the bond rush as market momentum continues to support issuance.
<div style="text-align: left;">
Mukesh Ambani, chairman of Reliance Industries
</div>
<div style="text-align: left;"> Mukesh Ambani, chairman of Reliance Industries </div>

Reliance Industries, the flagship company of the Reliance Group, blazed a trail for Indian borrowers with a $1 billion 10-year bond that priced early Friday morning.

Reliance is the first Indian company to issue a dollar bond since August 2011, and its success opens the door for other Indian companies to consider tapping international markets.

There was plenty of noise about Reliance planning a dollar benchmark last year, but markets did not cooperate. This time, the company took advantage of positive market momentum to issue only its second dollar bond and succeeded in pricing inside its secondary curve.

Barclays Capital, Bank of America Merrill...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222