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Andy Mukherjee

When Billionaire Brothers' Bonds Decouple

By selling new dollar notes, Mukesh Ambani is merely closing his costly short.
Photographer: Anadolu Agency/Getty Images

Two billionaire brothers, two bonds, two very different fates. This isn't the plot of yet another sequel to Jeffrey Archer's Kane and Abel, though it could very well be.

Mukesh Ambani, India's richest man, sold 10-year dollar notes at just 130 basis points over U.S. Treasuries on Monday. None of the existing debt of Indian nonfinancial issuers, including state-owned firms, was raised this cheaply, according to Bloomberg News reporters Carrie Hong and Neha D'silva.