Reliance Industries (RIL) has listed its existing foreign currency bonds aggregating over $7 billion on India INX. This includes $4 billion raised by the company last month, according to a press release by the exchange. The listing by RIL makes it the largest one by a private entity on India INX and GIFT IFSC.
With this listing, total bond listings on India INX have crossed $41 billion with total medium-term notes established to the tune of over $58 billion, the release said. “We are sure that this will give confidence to other corporates to follow,” V Balasubramaniam, MD and CEO, India INX, was quoted as saying in the release.
Last month, RIL raised $4 billion, the largest borrowing by an Indian entity in an overseas market through bonds in three tranches. The issue got subscribed nearly three times and notes were priced at 120 basis points, 160 basis points, and 170 basis points over the respective US Treasury benchmark.
Balasubramaniam said the large listing by RIL is a positive move for the Indian IFSC exchange as it will encourage smaller issuers to follow suit. Also, the secondary listing and comfort of issuers pave the way to encourage them to list future issuances primarily on Indian IFSC. Apart from RIL, Exim Bank has the highest listing so far on the India INX aggregating to the tune of $7.6 billion, India INX data showed.
India INX, BSE’s international arm, commenced its trading activities on January 16, 2017, and is the country’s first international exchange set up at GIFT IFSC. The exchange provides a state-of-the-art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds.