{"id":13616,"date":"2022-01-06T13:16:56","date_gmt":"2022-01-06T07:46:56","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-reliance-bonds-issue\/"},"modified":"2022-01-06T14:43:12","modified_gmt":"2022-01-06T09:13:12","slug":"biz-reliance-bonds-issue","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-reliance-bonds-issue\/","title":{"rendered":"Reliance raises $4 bn in India&#8217;s largest-ever foreign currency bonds issue"},"content":{"rendered":"<ul class=\"wp-block-list\"><li><strong>RIL raises USD 4 billion debt in foreign currency denominated bonds and\u00a0 plans to use the proceeds to retire existing borrowings.<\/strong><\/li><li><strong>The notes are due for repayment between 2032 and 2062 and are rated BBB+ by S&amp;P and Baa2 by Moody\u2019s.<\/strong><\/li><li><strong>In November 2021, it received around Rs 26,600 crore in proceeds from the final call on its rights issue, which further enhanced its liquidity<\/strong>.<\/li><\/ul><div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3936227569\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Reliance Industries Ltd, the nation\u2019s most valuable company, on Thursday said it has raised USD 4 billion debt in the largest ever foreign currency denominated bonds issuance from India and plans to use the proceeds to retire existing borrowings.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2181873312\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The issue was \u201cnearly 3 times oversubscribed with a peak order book aggregating USD 11.5 billion and was priced through RIL\u2019s secondary curve,\u201d a company statement said.<\/p><p>On January 01, 2022 it had received its board\u2019s approval for raising upto $ 5 billion in one or more tranches via US dollar-denominated notes. The firm raised USD 1.5 billion at a coupon rate of 2.875 per cent, USD 1.75 billion at 3.625 per cent and USD 750 million at 3.75 per cent. The notes are due to repayment between 2032 and 2062.<\/p><p>\u201cThe Notes have been priced at 120 basis points, 160 basis points and 170 basis points over the respective US Treasuries benchmark,\u201d it said.<\/p><div class=\"trade-content_5\" id=\"trade-1540453211\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The Notes are rated BBB+ by S&amp;P and Baa2 by Moody\u2019s. With this, Reliance has joined a select group of issuers from Asia to have made jumbo bond issuances.<\/p><p>\u201cThis transaction is significant on various counts \u2013 (it is) largest-ever foreign currency bond issuance from India, tightest ever implied credit spread over the respective US Treasury across each of the 3 tranches by an Indian Corporate, lowest coupon achieved for benchmark 30-year and 40-year issuances by a private sector BBB corporate from Asia ex-Japan, and first-ever 40-year tranche by a BBB private sector corporate from Asia ex-Japan,\u201d the statement said.<\/p><p>Reliance is a net-zero debt firm with its cash balance of Rs 2.59 lakh crore, exceeding its gross debt of Rs 2.55 lakh crore as of September 30, 2021.<\/p><p>Its existing cash, along with expected cash flows from operations, will be sufficient to cover its cash outflows for capital spending and debt maturities in the next 18 months, Moody\u2019s Investors Service had said earlier this week.<\/p><p>In November 2021, it received around Rs 26,600 crore in proceeds from the final call on its rights issue, which further enhanced its liquidity.<\/p><p>Reliance said interest on the Notes will be payable semi-annually in arrears, and the Notes shall rank pari passu (at the same rate) with all other unsecured and unsubordinated obligations of the firm. The bond proceeds will be primarily used for refinancing existing borrowings.<\/p><div class=\"trade-content-10\" id=\"trade-2355825747\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The Notes received orders from over 200 accounts in Asia, Europe and the United States. In terms of geographic distribution, the Notes were distributed: 53 per cent in Asia, 14 per cent in Europe and 33 per cent in the United States.<\/p><p>The Notes were distributed to high-quality fixed income accounts: 69 per cent to fund managers, 24 per cent to insurance companies, 5 per cent to banks and 2 per cent to public institutions.<\/p><p>Srikanth Venkatachari, Joint Chief Financial Officer of RIL, commented, \u201cWe are extremely pleased with the strong outcome on our multi-tranche long-dated USD bond issuance, having issued not only the largest debt capital market transaction at USD 4 billion but also the tightest credit spreads across each of the long-dated tenors for any corporate in India\u201d.<\/p><p>Mr. Ambani had announced plans to invest Rs 75,000 crore in new energy business at the company\u2019s annual shareholders meeting in 2021.<\/p><p>The Competition Commission of India cleared Reliance New Energy Solar\u2019s acquisition of a 40 per cent stake in Shapoorji Pallonji Group\u2019s Sterling and Wilson Renewable Energy, last month.&nbsp;<\/p><p>Recently it had signed definitive agreements, to acquire a 100 per cent stake in Faradion Limited for an enterprise value of GBP 100 million.<\/p><p>\u201cThe support received from the marquee international capital market investors is reflective of the strength of our underlying businesses with established growth platforms across energy, consumer and technology as well as the robustness of our balance sheet. This issue continues the tradition of Reliance being a sophisticated and innovative issuer across the capital structure.\u201d BofA Securities, Citigroup, and HSBC acted as Joint Global Coordinators.<\/p><p>BofA Securities, Citigroup, HSBC, Barclays, JP Morgan and MUFG acted as Joint Active Bookrunners.<\/p><p>ANZ, BNP PARIBAS, Credit Agricole CIB, DBS Bank Ltd., Mizuho Securities, SMBC Nikko, Standard Chartered Bank and State Bank of India, London Branch acted as Joint Passive Bookrunners.<\/p><div class=\"trade-after-content\" id=\"trade-4103998082\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>RIL raises USD 4 billion debt in foreign currency denominated bonds and\u00a0 plans to use the proceeds to retire existing borrowings. The notes are due for repayment between 2032 and 2062 and are rated BBB+ by S&amp;P and Baa2 by Moody\u2019s. In November 2021, it received around Rs 26,600 crore in proceeds from the final [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":3141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,1513,31],"tags":[2193,2192,2195,2194],"class_list":["post-13616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-editor-pick","category-news","tag-bonds-issue","tag-foreign-currency-bonds","tag-moodys-investors-service","tag-reliance-raises"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reliance raises $4 bn in India&#039;s largest-ever foreign currency bonds issue - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-reliance-bonds-issue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance raises $4 bn in India&#039;s largest-ever foreign currency bonds issue\" \/>\n<meta property=\"og:description\" content=\"RIL raises USD 4 billion debt in foreign currency denominated bonds and\u00a0 plans to use the proceeds to retire existing borrowings. 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