IFC's green masala bond raises $49m

The issue on the offshore rupee market from the private lending arm of the World Bank is aimed at funding renewable energy projects by Indian lender Yes Bank.

International Finance Corporation IFC, the World Bank’s private lending arm, has raised 3.15 billion rupees $49.2 million in its first green bond in the offshore rupee markets.

The offering was launched with the partial aim of funding India’s fourth-largest private sector lender Yes Bank’s renewable energy- and energy-efficiency projects.

IFC plans to invest proceeds from the issuance in Yes Bank's rupee-denominated bond, which offers a coupon rate of 8.95% over a 10-year maturity, according to two sources familiar with the deal.

Yes Bank offered its maiden green bond in February, a 10-year tenor that priced on February 24, carrying a coupon rate of...

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