European Bank for reconstruction, development issues ''Masala Bonds''
European Bank for Reconstruction and Development issued the sixth rupee or `Masala Bond` at the London Stock Exchange today. The bonds are likely to raise five billion rupees (USD 73.9 million).
New Delhi: European Bank for Reconstruction and Development issued the sixth rupee or `Masala Bond` at the London Stock Exchange today. The bonds are likely to raise five billion rupees (USD 73.9 million).The EBRD bond has a six percent coupon with a listed tenure of three years. It is issued under its €35 billion Global Medium Term Note Programme."The EBRD Masala bonds set a triple-A benchmark for offshore rupee issuances, and it once again demonstrates how this class of bonds can play a leading role in funding India`s infrastructure and overall development.
It also highlights how London has become the number one international financial centre for masala bonds," said Head of Primary Markets (Equity & Debt) India, LSEG, Jasmine Arora.London Stock Exchange Group has a long history of supporting Indian companies seeking international growth capital. There are currently 55 Indian or India-focused companies quoted on London`s markets in addition to 26 Indian Global Depository Receipts listed on London`s international order book.Indian companies have raised equity capital worth USD 8.1 billion in London and London Stock Exchange has seen 28 rupee or Masala bonds listed in total on its markets that have raised Rs. 165 billion.