London issues first offshore rupee bond

AFP, LONDON: An Indian bank yesterday issued the first ever offshore rupee-denominated bond in London, a landmark celebrated by officials keen to highlight Britain’s international business prowess despite Brexit.
The Housing Development Finance Corporation (HDFC), India’s largest provider of housing finance, raised 30 billion Indian Rupees ($450 million, 400 million euros) by issuing so-called “masala” bonds.
The three-year bond, which carries an 8.33 per cent yield (interest rate), was four-times oversubscribed, according to a Treasury press release.
“It (the bond) represents a major vote of confidence in London as the leading global financial centre and is further proof that Britain is a great place to do business,” said new British finance minister Philip Hammond.
Alok Sharma, British minister for Asia, added: “I very warmly welcome HDFC’s choice of the London Stock Exchange to list this world-first rupee bond, a clear signal of London’s standing as the leading international financial centre.”

London issues first offshore rupee bond

AFP, LONDON: An Indian bank yesterday issued the first ever offshore rupee-denominated bond in London, a landmark celebrated by officials keen to highlight Britains international business prowess despite Brexit. The Housing Development Finance Corporation (HDFC), Indias largest provider of housing finance, raised 30 billion Indian Rupees ($450 million, 400 million euros) by issuing so-called masala bonds. The three-year bond, which carries an 8.33 per cent yield (interest rate), was four-times oversubscribed, according to a Treasury press release. It (the bond) represents a major vote of confidence in London as the leading global financial centre and is further proof that Britain is a great place to do business, said new British finance minister Philip Hammond. Alok Sharma, British minister for Asia, added: I very warmly welcome HDFCs choice of the London Stock Exchange to list this world-first rupee bond, a clear signal of Londons standing as the leading international financial centre.