Housing Development Finance Corporation Re30 billion 'masala bond' issue

Overview:

• Housing Development Finance Corporation (HDFC), an Indian mortgage lender, has become the first Indian corporate to list debt on the LSE through a bond issue raising Re30 billion.
• The bonds have an annual yield of 8.33%
• Axis Bank, Credit Suisse and Nomura acted as joint lead managers and bookrunners.
• In line with the trend of giving nicknames to certain types of debt issue, rupee denominated bonds are typically known as ‘masala bonds’.

Sam Duke - Editor

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