NEW DELHI: Reliance Industries Limited (RIL) has announced that on January 5, 2022, the company has priced a Rule 144A/ Regulation multi-tranche offering aggregating USD 4 billion, comprising USD 1.5 billion Senior Unsecured Notes due 2032; USD 1.75 bn Senior Unsecured Notes due 2052 and USD 750 million Senior Unsecured Notes due 2062.

With a peak orderbook of USD 11.5 billion, the Notes were roughly three times oversubscribed and priced using RIL's secondary curve. The Notes are priced at 120, 160, and 170 basis points over their respective US Treasury benchmarks. RIL has joined a restricted group of Asian issuers who have issued jumbo bonds. The Notes will bear interest in arrears every six months, and they will rank pari passu with RIL's other unsecured and unsubordinated obligations. The profits from the bond will mostly be used to refinance current debt.

This transaction is significant on several levels: it is India's largest ever foreign currency bond issuance, it has the tightest ever implied credit spread over the respective US Treasury across each of the three tranches by an Indian corporate, it has the lowest coupon for benchmark 30-year and 40-year issuances by a private sector BBB corporate from Asia ex-Japan, and it is Asia ex-first Japan's ever 40-year tranche.

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