For a record-breaking fourth time, Reliance receives IFR Asia's "Issuer of the Year" title

RIL agreed to refinance $2.45 billion in June. The funding is divided into two tranches: a $4.25-year US$2.105 billion tranche and a $551 million, or JPY 49.682 billion, 5.25-year tranche.

The difficult corporate fundraising environment that Reliance faced in 2023 is described in the IFR Asia article.

IFR Asia's 'Issuer of the Year' award for 2023 goes to Reliance Industries Limited for overcoming several market hurdles and attaining the most optimum price for super-sized financing arrangements. The premier financial journal in the world for news, analysis, and opinion on investment banking, capital markets, and fixed income is International Financing Review (IFR).

IFR said, "The Indian blue-chip organization balanced both offshore and onshore funding to achieve optimal pricing outcomes through supersized deals," in a two-page report on Reliance headlined "Blockbuster Producer." Lender demand surged during a tumultuous year for the credit markets as they restructured to capitalize on emerging prospects. As of right now, Reliance is the only company in Asia to have received this esteemed accolade four times: in 2006, 2015, 2018, and 2023.

Reliance was able to win the prize in 2023 because to a financing arrangement that obtained US$7.5 billion in syndicated loans, which is the most money any company in Asia Pacific has ever raised and the most money ever from a group of 55 banks. With, syndicatation was accomplished. It turned into the most extensively syndicated Indian contract ever as well. On the basis of its independent financial standing and without a guarantee from parent firm Reliance Industries Limited (RIL), Reliance Jio Infocomm raised its first syndicated loan.

However, Jio's price gap with RIL on syndicated loans was just 10 basis points, suggesting that Jio is maturing in the global financial markets. Several of the biggest export credit agencies (ECAs) in the world, including those in Sweden, Finland, Canada, and Korea, contributed US$5 billion. RIL's massively subscribed Rs 20,000 crore 10-year bond offering was the biggest one ever for a non-financial company. The most highly subscribed Rs 20,000 crore 10-year bond offering by a non-financial business was offered by RIL.

Slightly better than many state government bonds, it attained RIL's lowest yield and narrowest spread for a rupee bond, at only 40bp over the 10-year Government of India security. RIL agreed to refinance $2.45 billion in June. The funding is divided into two tranches: a $4.25-year US$2.105 billion tranche and a $551 million, or JPY 49.682 billion, 5.25-year tranche. Reliance not only found demand from a wide range of 34 lenders, but it also cut expenses all around. IFR Asia has written on Reliance's effective navigation of the difficult corporate fundraising landscape in 2023.

It was difficult to raise money in 2023. The main market in Asia stagnated as a result of high US dollar rates ultimately impacting the offshore debt market. In the meanwhile, borrowing costs were much higher than onshore due to the volatility of the US dollar bond market." In July 2023, India also raised the withholding tax on foreign commercial borrowings from 5% to 20%, which decreased the cost of borrowing. Corporates saw a cost rise that was effective.