London issues first offshore rupee bond

An Indian bank on Monday issued the first ever offshore rupee-denominated bond in London, a landmark celebrated by officials keen to highlight Britain’s international business prowess despite Brexit. The Housing Development Finance Corporation (HDFC), India’s largest provider of housing finance, raised 30 billion Indian Rupees ($450 million, 400 million euros) by issuing so-called “masala” bonds. The three-year bond, which carries an 8.33 percent yield (interest rate), was four-times oversubscribed, according to a Treasury press release.

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