IFC issues Rs 170 cr bond

International Finance Corporation (IFC), a member of the World Bank Group, has issued a Rs 170 crore (about USD 25 million) bond as a part of its strategic support to Indian companies which are preparing to issue such Masala bonds in offshore markets.
The proceeds will be used to invest in forthcoming Masala bonds by Indian companies, it said.
"Investors have shown strong demand for global rupee bonds, despite the volatility in emerging-market currencies," said IFC Vice President and Treasurer Jingdong Hua.
"We have seen even greater momentum following the Reserve Bank of India's recent approval for Indian corporations to issue Masala debt. IFC will continue to support India's capital market development and help bring international investors to India," he added.

IFC's latest issuance were purchased by KBC Asset Management, a European fund manager. The yield on the bonds was 6.5 per cent.
IFC is supporting Indian companies seeking to issue Masala bonds by providing advice and sharing its experience as a pioneer issuer in this market, it said.

Listed on the London Stock Exchange, the bonds are issued under IFC's USD 3 billion global rupee bond program.
India is IFC's top country exposure. IFC's committed portfolio in India is over USD 5 billion as of June 30, 2015.
In FY15, IFC committed USD 1.4 billion in new investments. In addition to strengthening local capital markets in India, IFC is focused on boosting financing in infrastructure and logistics, promoting financial inclusion, and expanding access to high-quality and affordable healthcare.