By Tali Rackner
Norfolk, Va., April 23 – International Finance Corp. said it issued Rs. 16 billion of Masala bonds, attracting first-time investors from Europe to the offshore rupee markets, according to a press release.
The 3˝-year bonds yield 6.45% and mark the first issuance at this tenor in the offshore rupee markets. They build on previous IFC Masala bond issuances of three-, five-, seven- and 10-year maturities, the release said.
“This is a historic time for India’s capital markets, and we anticipate even greater momentum following the Reserve Bank of India’s approval for Indian corporates to issue Masala debt,” IFC vice president and treasurer Jingdong Hua said in the release.
“Just today Indian Railways Finance Corp. said it plans to raise $1 billion in the offshore rupee markets. IFC stands ready to support first-time Masala bond issuers.”
In response to strong investor demand, IFC said it increased the bond to Rs. 16 billion from Rs. 10 billion.
Proceeds of the bonds will support private sector investment in India.
IFC, a World Bank member and lender to the private sector in developing countries, is based in Washington, D.C.
| Issuer: | International Finance Corp.
|
| Issue: | Masala bonds
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| Amount: | Rs. 16 billion
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| Tenor: | 3˝ years
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| Yield: | 6.45%
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