IFC cooks up ‘Masala’ debut as demand for rupees rockets

By Jonathan Breen
13 Nov 2014

The International Finance Corporation has scored a double first in its efforts to further the internationalisation of Indian rupee bond markets by issuing the longest dated offshore deal in the currency and listing it in London.

The debut, which IFC has dubbed a Masala bond, comes at a time of growing international confidence in India’s bond markets, said bankers.

Booming issuance volumes reflect that change, with $1.7bn worth of bonds sold in Indian rupees so far in 2014 from non-Indian issuers, up from $1.2bn ...

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