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Reliance Industries Said to Market 10-Year Dollar Bonds
Reliance Industries Ltd. (RIL), owner of the world’s largest refining complex, is marketing a 10-year bond denominated in U.S. dollars, according to a person familiar with the matter.
The Reg S senior, unsecured notes are being offered to investors to yield about 365 basis points more than similar- maturity Treasuries, the person said, asking not to be identified because the details are private.
A Mumbai-based spokesman for Reliance, who asked not to be named citing company policy, declined to comment on the securities when contacted by phone today.
Barclays Plc, Bank of America Corp., Citigroup Inc., HSBC Holdings Plc (HSBA) and UBS AG are managing the benchmark-sized sale of notes, which could price as early as today, the person said. Benchmark typically means at least $500 million.
Reliance last sold dollar bonds in October 2010, according to data compiled by Bloomberg. The yield on those 4.5 percent notes due 2020 rose 16 basis points to 5.23 percent as of 1:50 p.m. in Hong Kong, Royal Bank of Scotland Group Plc prices show.