Reliance raises $4 bn via foreign currency bonds at finest rate2Photo© financialexpress.com

Reliance raises $4 bn via foreign currency bonds at finest rate

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India Inc’s overseas fundraising at the start of 2022 began on a strong note with Reliance Industries mopping up $4 billion through debt, the largest-ever foreign currency bonds issuance by an Indian entity. Reflecting strong momentum, some Indian companies like Shriram Transport Finance and unit of ReNew Power are already in the international market and others have bond offerings in pipeline to raise upto $7 billion-$8 billion in January 2022.

RIL issue was nearly three times oversubscribed with a peak order book aggregating $11.5 billion and was priced through RIL's secondary curve. The firm raised $1.5 billion at a coupon rate of 2.875 per cent, $1.75 billion at 3.625 per cent and $750 million at 3.75 per cent. The notes are due for repayment between 2032 and 2062.

The Notes have been priced at 120 basis points, 160 basis points and 170 basis points over the respective US Treasuries benchmark, RIL said.