1. IFC launches masala bonds to mobilise Rs 30 crore

IFC launches masala bonds to mobilise Rs 30 crore

International Finance Corporation (IFC) — a member of the World Bank group—launched its first Uridashi Masala bonds, mobilising R30 crore (or $4.3 million) directly from Japanese household investors to promote private sector development in India, according to a statement on the company’s website. The three-year bond builds on IFC’s Masala bond programme, which has raised […]

By: | Mumbai | Published: March 2, 2016 12:19 AM

International Finance Corporation (IFC) — a member of the World Bank group—launched its first Uridashi Masala bonds, mobilising R30 crore (or $4.3 million) directly from Japanese household investors to promote private sector development in India, according to a statement on the company’s website.

The three-year bond builds on IFC’s Masala bond programme, which has raised the equivalent of $1.7 billion from international investors for investment in India, it said. Masala bonds are rupee-denominated instruments sold only to offshore investors, while Uridashi bonds are sold to Japanese household investors.

“Proceeds from IFC’s Uridashi Masala bonds will be used to support private sector investment in India,” the statement said, adding that JP Morgan is the sole arranger of the bonds and Daisen Hinomaru Securities is the distributor.

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