In two weeks recently Mukesh Ambani’s Reliance Industries raised a total of $1.75bn in the US dollar bond market. Both the first $1bn 10-year transaction and the second 30-year deal were priced at what the company said were the lowest interest rates for
an Asian corporate issuer — yields of 4.125 per cent and 4.875 per cent respectively. The costs were a fraction of what Reliance would pay in its home market of India if such long-term debt were available.
For years — and at an accelerated pace since the financial crisis — Asian companies have sought to take advantage of the low cost of capital in the US thanks to the generosity
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