By Wendy Van Sickle
Columbus, Ohio, March 17 – International Finance Corp. said it issued Rs. 2 billion of 15-year 7.1% Masala bonds, marking the longest-dated offshore rupee bond to be issued, according to a press release.
Previously, IFC issued Masala bonds in maturities of three, five, seven, and 10 years, according to the release.
The issue brings the total amount of bonds issued under IFC’s $3 billion Masala bond program to just under Rs. 110 billion, including the first green Masala bond to support climate-smart investment in India.
“Lasting prosperity depends on strong and efficient capital markets,” IFC vice president and treasurer Jingdong Hua said in the release.
“With our latest Masala bond issuance, IFC has created an offshore rupee-market yield curve that stretches from three to 15 years, deepening the market and making it more resilient. This sends a clear signal that investor demand for high-quality assets in India remains strong, despite global financial uncertainties.”
Proceeds will support private sector investment in India. Thus far, IFC said it has invested proceeds from the bond program in 11 private sector development projects.
J.P. Morgan Securities plc is the lead arranger.
IFC, a World Bank member and lender to the private sector in developing countries, is based in Washington, D.C.
| Issuer: | International Finance Corp.
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| Issue: | Masala bonds
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| Amount: | Rs. 2 billion
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| Maturity date: | March 21, 2031
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| Yield: | 7.1%
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| Lead arranger: | J.P. Morgan Securities
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| Pricing date: | March 14
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| Settlement date: | March 21
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