Business EconomyPosted at: Mar 19 2018 6:16PM

UK- based firm among lead managers of HDFC Masala Bond issue

New Delhi, Mar 19 (UNI) UK- based financial services firm, Sun Global Investments, acted as Joint Lead Manager on the recent US$ 350 million Masala Bond issuance by India based HDFC Bank.

This is the first ever issuance of a seven-year Masala Bond by an Indian corporate. The Bond paid a coupon of 8.1 percent per annum and is listed on the Singapore Stock Exchange. This was an investment grade issuance and was rated Baa2 by Moody’s and BBB- by Standard & Poor's.
A masala bond is a rupee-denominated bond issued to overseas investors. The bonds are settled in US Dollars.
Speaking about the Masala Bond issuance Sun Global Investments CEO Mihir Kapadia said, “The issuance allowed overseas investors the ability to access long-dated bonds by a high quality Indian issuer.”
Sun Global Investments focuses on providing investment banking and capital markets solutions to corporates from Emerging Markets, as well as helping international investors’ access opportunities in those markets.
HDFC Bank is one of the largest private sector banks in India and provides a range of Retail and Wholesale banking solutions.
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UK- based firm among lead managers of HDFC Masala Bond issue

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