India’s Reliance Industries Ltd (RIL) plans to raise up to $5bn in in dollar bonds. The Economic Times said that proceeds will be used refinance earlier debt raised from international investors along with a bundle of loan maturities due in the next 3-4 months. Reliance said that the bond issuance proposal for the fixed rate notes in one or more tranches, was approved by the board. If the issuance goes ahead, this would be the largest offshore bond issuance by an Indian company at one go. Reliance last issued a dollar bond in 2017, by raising $800mn via a 10Y bond at a yield of 3.667%.

Reliance’s 3.667% 2027s were trading stable at 107.4, yielding 2.32%.

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