Thread by @TradeNinvesting

#Reliance (RIL) today has raised $4Bn in the largest ever foreign currency bond issuance from India.

Key highlights of issue..

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#Reliance ’s note issuance of $ bonds was done in three tranches –
$1.5Bn for 10 years at 2.875%,
$1.75Bn for 30 years at 3.625%,
$750Mn for a 40-year term at a 3.750% coupon rate.

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issue was the largest #debt capital market transaction for the company and had the tightest credit spreads across each of the long-dated tenors for any corporate in India.

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issue has the lowest coupon achieved for benchmark 30-year and 40-year issuances and is the first-ever 40-year tranche by a ‘BBB’ rated private sector corporate from Asia, excluding Japan.

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The securities of the oil-to-telecom conglomerate were “near three times oversubscribed with a peak order book aggregating $11.5Bn as per a press released

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Notes were distributed to high quality fix income accounts:
69% to fund managers,
24% to insurance companies,
5% to banks,
2% to public institutions

#Moody’s had rated the bond ‘Baa2’ while S&P Global Rating gave it ‘BBB+’;
both had a ‘stable’ outlook on the bonds.

#Reliance

Int on the notes will be payable semi-annually in arrears, & the notes shall rank at par with all other unsecured & unsubordinated obligations of #Reliance

The funds raised through the debt issuance will primarily be used to refinance existing borrowings.

A part of it will go towards refinancing the $1.5Bn worth of debt that is due to mature in Feb

The notes have been priced competitively at 120 Bp, 160 BP, and 170 BP over the respective US Treasuries benchmark.

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Names of the investors who subscribed to the bonds have not been revealed by #Reliance Industries.

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