The Asian Development Bank raised Rs 300 crore ($49.6 million) from its first-ever sale of rupee-linked bonds abroad, the Manila-based lender said, becoming the second major multilateral agency to issue such debt within the past year.
The bonds will be denominated in Indian rupees but settle in US dollars, and will carry a coupon of 6.35 per cent, and mature in August 2016, the agency said. JP Morgan was the underwriter.
The rupee has gained around 2.3 per cent this year, thanks to a surge in overseas investments into India. Foreign institutional investors have bought a net $29.16 billion in both debt and shares so far this year.
ADB's sale comes after International Finance Corp (IFC), a unit of the World Bank, set up a $1 billion offshore rupee-linked bond in October last year, completing the fundraising in April.
On Wednesday, IFC launched $2.5 billion in rupee-denominated, bonds in the Indian market to fund infrastructure projects.
ADB's sale comes after International Finance Corp (IFC), a unit of the World Bank, set up a $1 billion offshore rupee-linked bond in October last year, completing the fundraising in April.
On Wednesday, IFC launched $2.5 billion in rupee-denominated, bonds in the Indian market to fund infrastructure projects.
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