Foreigners Boost India Company Bond Holdings to New High

(Bloomberg) -- Foreign investors increased holdings of rupee corporate notes to the most in 10 months on Friday, after billionaire Mukesh Ambani’s top-rated Reliance Industries Ltd. sold the market’s biggest single-tranche note of the year.

The company, which is higher rated than the Indian sovereign by S&P Global Ratings, sold a 70 billion rupee ($1 billion) note. A decision by Reserve Bank of India in February to remove a cap on how much foreign buyers can hold of any single issuer’s bonds is proving to have the intended effect of attracting more overseas investment into local notes.

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