In one of the largest transactions of offshore rupee bonds, the Asian Development Bank (ADB) has raised ₹5 billion through the issue of a five-year offshore rupee linked bonds.
“Proceeds from the bonds will be mobilised to support private sector lending in the Indian market,” said the ADB in a release on Thursday, adding that this is its third bond issue in the offshore rupee-linked market.
India is the ADB’s fourth largest shareholder and is its largest borrower. In 2015, the ADB approved $836 million in private sector projects in India, its largest market.
The bonds, which are denominated in Indian rupees but settled in US dollars, carry a carry a coupon of 6.45 per cent and will mature on August 8, 2021.
They were underwritten by Citibank and JP Morgan.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.