Reliance oils bond markets

India's highest rated private sector borrower returned to the international bond markets on Wednesday with a $1 billion unsecured 144a bond that attracted a global order book of $4.5 billion and 272 accounts. 

Reliance Industries priced a 10-year Baa2BBB rated deal during New York trading hours at 99.998% on a coupon of 4.125% to yield 4.249% or 240bp over 10-year Treasuries. 

This marked the tight end of final guidance of five basis points either side of 245bp over Treasuries and initial guidance around the 265bp level.

Allocations were split 44% US, 31% Asia...