Reliance Industries to bet big on 5-year bonds before RBI decision: Report

The purchases by Reliance blazed through trading rooms in Mumbai, helping the five-year sovereign bond outperform as banks and brokerages sought to fulfill the orders, say sources

Reliance Industries Ltd., which runs one of India’s biggest treasury operations, went on a shopping spree for local five-year bonds just weeks ahead of a crucial central bank policy meeting, according to people with knowledge of the matter.

The company bought about $270 million worth of state bonds from a single state-run bank, according to one of the people, with others adding that total purchases may have exceeded $1 billion in last few days based on brokerage orders and trade deals reported on the central bank platform. The people asked not to be identified as the details are private.  

The purchases by