IFC issues fourth tranche of its 3-year bonds

International Finance Corp (IFC), a part of the World Bank group, has issued a fourth tranche of its three-year bonds to raise Rs 700 crore at 7.75%, tapping overseas investors amid renewed uncertainty in the global economy.

This tranche takes the outstanding global rupee bonds to Rs 3,000 crore, with investors ranging from asset managers and banks from the United States and Europe, IFC said in a statement on Friday.

The sale, a part of IFC's $1 billion global rupee bond programme, is seen as a step towards liberalisation of the partially convertible rupee.