India’s MOF gives go-ahead to infrastructure US$ bonds
India’s Ministry of Finance said on August 12 that quasi-sovereign entities Indian Railway Finance Corp (IRFC), Power Finance Corp (PFC) and India Infrastructure Finance Company (IIFCL) would raise $4bn through overseas US dollar denominated bonds.
Two of the three will be debut issuers in the international markets, while IRFC has an outstanding $300m bond from 2012. Like the Indian sovereign, all three are rated BBB- with a negative outlook.
The proposed bonds are part of a package of measures aimed at financing India’s current
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