Reliance ‘opens floodgates’ with $1bn bond
Reliance Industries returned last week to the international bond market after more than a year of absence, becoming the first Indian borrower to tap the market this year. The $1bn 10 year note generated a huge order book despite tight pricing, and continued to attract a firm bid in the secondary market on Friday.
Reliance, the first Indian corporation to sell international bonds since August 2011, priced its 10 year bonds at 345bp over Treasuries, the low end of its final price guidance late on Thursday in New York. That was well inside the initial pricing target.
Bankers and funding officials initially pitched
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