Reliance Industries has issued a $200 million 20-year callable Formosa at par to yield 5 per cent.

The deal is the first Formosa bond from an Indian company.

The notes are callable every year starting June 5, 2020 and will be used for the company's ongoing capital expenditure. They will be listed on the Taipei Exchange.

Deutsche Bank and HSBC were joint bookrunners and lead managers on the transaction. Morgan Stanley acted as structuring agent.

A Formosa bond is a bond issued in Taiwan but denominated in a currency other than the New Taiwan Dollar. They are issued by the Taiwan branches of publicly traded overseas financial institutions and to be traded must have a credit rating of BBB or higher.