NTPC cooks green Masala as market heats up

The power sector company adds some green flavouring to the nascent Masala bond market, selling the sector's first environmentally-friendly bond, while Motherson completes tap.
NTPC Masala: generating the right kind of heat
NTPC Masala: generating the right kind of heat

Indian issuers took advantage of strong momentum in the offshore credit markets on Wednesday, with new international deals by auto parts manufacturer Samvardhana Motherson Automotive Systems and government-owned power company, NTPC.

Motherson completed an opportunistic tap of its recent dollar-denominated issue, while NTPC added a dash of green flavouring to the nascent Masala bond market with the sector's first environmentally-friendly bond.

The latter’s Rs20 billion $300 million issue represented only the second ever publicly-syndicated Masala deal since mortgage lender Housing Development Financing Corp HDFC created a new market for offshore rupee-denominated debt three weeks ago.  

NTPC built on HDFC's...

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