Delhi International Airport Ltd DIAL had a measure of success and failure when it returned to the bond market this week, raising $522.6 million from a market-opening 144A bond but failing to pull off a debut masala issue.
The airport operator had planned to sell a 10 year US dollar bond and a seven year masala bond, a rupee-denominated bond sold outside of India. But after failing to get enough demand from investors for the masala tranche, it jettisoned that part of the plan.
The pulled tranche was a rare setback for the masala bond market, which has slowly been building momentum since International Finance Corporation sold...
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