The issue carried a coupon of 4.875 per cent, which is the lowest achieved by an Asian private corporate issuer in the 30 year bucket. RIL priced its latest Reg S/144A bond at Treasuries plus 262.5 basis point, which is 22 basis point tighter than its initial price offering.
RIL had on January 22 raised USD 1 billion by selling 10-year bonds at an interest rate of 4.125 percent, which the company claimed was the lowest in Asia and with almost no new-issue premium. It had raised over USD 3.3 billion in forex debt last year.
Today's bond issue is the "first ever single tranche 30- year deal by a private corporate issuer out of Asia," the company said in a statement, adding that it carried lowest coupon ever achieved by an Asian private corporate issuer for a 30 year issuance.
RIL is the only company out of India to have issued 30 year bonds. Order books for the issue reached USD 2.3 billion from more than 160 accounts, with 47 percent of the notes going to
Asian investors, 45 percent to US investors and the remainder to European accounts.
Fund managers subscribed to slightly more than half of the offering, followed by insurers with 31 percent, private funds with 8 percent, central banks and sovereign wealth funds with 6 percent, banks with 2 percent and private banks with 1 percent.
RIL raised a USD 1 billion 10 year senior unsecured bond on January 21, which attracted a global order book of USD 4.5 billion from 272 accounts.
"The Notes have been priced at 262.5 basis points over the 30-year US Treasury Note, at a price of 98.865 to yield 4.948 percent... The funds will be used for its ongoing capital expenditure," it added. The issue has been rated Baa2 by Moody's Investors Service.
"We are delighted to continue to lead the way for Asian corporates to access long-term financing at attractive rates. Like our previous issuances, we were able to efficiently execute through an intra-day window, despite volatility in asset markets," RIL Joint Chief Financial Officer V Srikanth said.
Bank of America Merrill Lynch, Barclays Bank PLC, Citigroup Global Markets Inc and The Hongkong and Shanghai Banking Corporation Ltd acted as Joint Book runners and Lead Managers.

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