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State Bank of India buys nearly 40% of Reliance's $1.35 billion debt sale
MUMBAI: State Bank of India, the country’s largest lender, led the demand for Reliance Industries’ 130-billion-rupee ($1.35 billion) 10-year debt sale completed on Wednesday, according to five sources familiar with the transaction. The state-run bank is estimated to have bought bonds worth nearly 50 billion rupees, or about 40% of the offering, they said. The bonds were rated “AAA” by rating agencies Crisil and CareEdge, and carried an annual coupon of 7.90%. An AAA rating is the highest credit rating, indicating an exceptionally strong capacity to meet debt obligations and a very low risk of ...
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