Investors flock to Reliance 30 year — in primary and secondary
Reliance Industries got a big response to its first benchmark international bond last week, drawing orders worth around $11.6bn. The company split the deal between 10 and 30 year tranches — and big demand for the longer-dated note ensured it rallied strongly in the secondary market.
Bank of America Merrill Lynch, Citi, HSBC and Royal Bank of Scotland priced a $1bn 10 year bond for the company at a spread of 205bp over Treasuries, and a $500m 30 year bond at 240bp over Treasuries. Both tranches priced just above the tight end of final
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