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Reliance Bond Climbs After Biggest Indian Offer in 9 Months

Reliance Industries Ltd.’s 10-year dollar-denominated bonds rose on their debut as demand for the notes compressed the spread after a $1 billion offering, the biggest by an Indian company overseas in nine months.

The owner of the world’s largest refining complex sold the 5.4 percent notes due in February 2022 yielding 345 basis points more than similar-maturity Treasuries, according to an e-mailed statement. The gap narrowed to 335 basis points as of 3:10 p.m. Hong Kong time, according to Citigroup Inc. prices.

“Reliance Industries has really opened the market for high-grade borrowers from other countries as the deal shows the strong response to new issues,” Terence Chia, a Hong Kong-based director in Asia debt syndicate at Citigroup, one of the banks that managed the sale, said in a telephone interview. “The bond performed well in secondary trading despite the pricing being tight and that will just add to positive market sentiment.”

Indian companies raised $1.22 billion selling non-rupee bonds abroad in 2012, according to data compiled by Bloomberg. Rural Electrification Corp., a New Delhi-based state-controlled lender to power projects, sold 200 million Swiss francs ($219 million) of 3.5 percent notes due March 2017 yesterday, the data show.

Demand for the Reliance Industries sale was almost eight times the amount for sale, according to the company. More than half of the notes were sold in the U.S., while 31 percent was allocated to accounts in Asia and the remaining 17 percent in Europe. Fund managers took 65 percent, insurers 15 percent, banks picked up 10 percent, private banks 5 percent, while government agencies subscribed to 5 percent.

Reliance Holdings USA Inc., a unit of Reliance Industries, sold the notes at $99.481, or a yield of 5.468 percent. Bank of America Corp., Barclays Plc, Citigroup, HSBC Holdings Plc and UBS AG managed the sale, the company said in the statement.

ICICI Bank Ltd., the nation’s second-largest lender, raised $1 billion in May selling 4.75 percent dollar notes due in November 2016, according to data compiled by Bloomberg.

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