Reliance Industries, led by Mukesh Ambani, is lining up a second bond offering this month, with people familiar with the plan saying the sale could come as soon as next week; they requested anonymity because the information is private. The proposed notes would be AAA rated, mature in 10 years, and may be priced at a 7.90% coupon. A representative for the company did not immediately respond to an email seeking comment.
Benchmark borrowing costs are firming up. Bloomberg data show the average yield on top-rated 10-year corporate bonds was 7.97% on Wednesday. That average has increased by 37 basis points in September to date, putting it on track for the biggest monthly rise in at least three years. According to a Bloomberg Economics gauge, liquidity parked in the banking system was 4.2 trillion rupees on Wednesday, down from a record near 11 trillion rupees earlier in the month.
Issuers are lining up as investors brace for the possibility that the Reserve Bank of India tightens policy later this year amid inflation risks from elevated oil prices. The central bank is also actively draining liquidity to tamp down inflation pressures from excess cash. Alongside Reliance's plan, Adani Airport Holdings Ltd., linked to Gautam Adani, is taking bids on Friday for up to 10 billion rupees of three-year notes, and Sajjan Jindal's JSW Energy Ltd. plans to raise up to 5 billion rupees through seven-year bonds.
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More supply is hitting just as yields have been pushing higher, a mix that tends to influence how new deals are priced and how existing corporate bonds trade. Reliance's latest move follows last week's 120 billion rupee five-year issuance at 7.47%, signaling that big names are locking in funding while the window is open. If you hold or watch Indian corporates, this wave of activity is worth tracking for how it shapes borrowing costs and the tone of the primary market.
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