Reliance taps investors with nimble dollar benchmark

Reliance Industries, the flagship company of the Reliance Group, blazed a trail for Indian borrowers with a $1 billion 10-year bond that priced early Friday morning.

Reliance is the first Indian company to issue a dollar bond since August 2011, and its success opens the door for other Indian companies to consider tapping international markets.

There was plenty of noise about Reliance planning a dollar benchmark last year, but markets did not cooperate. This time, the company took advantage of positive market momentum to issue only its second dollar bond and succeeded in pricing inside its secondary curve.

Barclays Capital, Bank of America Merrill...