Not The First

This refers to the report ICICI to create a hedge fund for index-linked bonds (January 29).

The report states that this offer of index-linked bonds will be the first ever in the country. This is totally contrary to facts.

Konkan Railway Corporation Ltd came out with the first issue of index-linked bonds in 1994. The instrument was comprehensively covered in your own paper. (The Money Manager, June 9, 1994). The KRC issue did not succeed because it was probably ahead of its time. Incidentally, ICICIs own MF refused to subscribe to KRCs index-linked bonds when they were offered. Does ICICI now expect other investors to repose faith in an instrument that it did not think worth investing in?