This is the first such issuance after the RBI eased norms for masala bonds nearly two months ago.
The largest mortgage lender has directly sold it to International Finance Corporation (IFC), Washington at 6.73% rate payable half yearly. Those bonds will mature in about five years on November, 2022.
“We wish to inform you that the corporation has completed the issue of rupee denominated bonds under the medium term note programme to International Finance Corporation,” HDFC said.
Earlier in September, the Reserve Bank of India relaxed norms for selling ‘masala’ bonds as the central bank allowed these papers to be treated under external commercial borrowings (ECBs) from October.
The move freed up more investments by foreign institutional investors (FPIs) who could now invest more in corporate bonds.
Indian issuers have sold about Rs 44,000 worth of masala bonds besides the latest one by HDFC, who was also the first issuer of the rupee-denominated debt nearly one and a half years ago.
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