Masala bond market heating up after RBI quota shift

IREDA has launched a $300 million deal and at least three more Indian issuers want to follow after foreign investment limits were lifted. Tax remains a hurdle though.

Masala bond market heating up after RBI quota shift

Indian government agencies and corporates are looking to revive their funding plans to issue offshore rupee-denominated bonds, also known as masala bonds, after the Reserve Bank of India last week removed the ban on foreign investment.

Indian Renewable Energy Development Agency IREDA, a state-run power producer, launched a Reg S, five-year green bond issue early on Thursday that could raise as much as $300 million. And at least three other issuers,...

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