ril: Reliance Industries’s $4 billion foreign currencybonds issue is India’s biggest

MUMBAI: Reliance Industries (RIL) has raised $4 billion in the biggest foreign currency bond sale by an Indian corporate. It had recently received board approval to raise up to $5 billion in foreign bonds to take advantage of the low interest rate environment and to refinance existing borrowings. The bond issue was subscribed nearly three times with peak order book aggregating $11.5 billion. The bonds were bought by investors from Asia (53%), America (33%) and Europe (14%).
It was the largest foreign currency bond issuance from India, RIL claimed, dwarfing the earlier record set by energy major ONGC Videsh when it raised $2.2 billion in dollars notes in 2014. Bharti Airtel had raised $1.25 billion in 2021, which was the biggest debt issue last year.
The jumbo foreign currency bond issue was the largest debt capital market transaction at $4 billion and the “tightest credit spreads…

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