HDFC dishes up first Masala bond by India issuer

India's largest mortgage lender pays up to ensure Masala bond market finally gets off the ground.

HDFC dishes up first Masala bond by India issuer
Unlocking a new market?

India's largest mortgage lender, Housing Development Finance Corp HDFC issued the first Masala bond by an Indian company on Thursday, opening up a new fundraising avenue for domestic borrowers.

The offshore rupee-denominated market has been very long on promise but short on delivery ever since the government finalised a framework agreement for domestic issuers last September.

Over the past eight to nine months a number of companies have roadshowed potential transactions that...

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