Tue, Oct 25, 2016 | updated 02:05 PM IST

Chancellor of Exchequer welcomes Indian Masala bond listing

Updated: Aug 01, 2016 16:32 IST

New Delhi, Aug 1 (ANI): Housing Development Finance Corporation (HDFC), India's largest private sector mortgage lender, opens London Stock Exchange to celebrate the listing of the world's first Masala bond by an Indian corporate.

"I'm delighted that Housing Development Finance Corporation (HDFC) has chosen to list this landmark bond in London. It represents a major vote of confidence in London as the leading global financial centre and is further proof that Britain is a great place to do business," said Chancellor of the Exchequer, Philip Hammond.

"This deal signifies a strengthening of the already close economic ties between the UK and India and paves the way for further masala bonds to be listed in the UK. It is a taste of things to come," added Hammond.

Britain is open for business and one of the most attractive places in the world for foreign investment.

"London Stock Exchange is honored to host the world's first ever Indian corporate masala bond, a landmark event for Indian finance and looks forward to building a long-term partnership with Indian issuers. Taking advantage of the efficient listing process and tapping the global markets in London, global issuers can access a new vital channel of international finance and investors around the world without foreign exchange risk," said CEO London Stock Exchange and Director of International Development London Stock Exchange Group, Nikhil Rathi.

"We congratulate HDFC, in particular Chairman Deepak Parekh, on this landmark listing: a major success for the Financial Partnership between Britain and India," added Rathi.

"The listing of these bonds on London Stock Exchange gives us immense pride. Besides being one of the largest stock exchanges in the world, London Stock Exchange has a rich legacy which dates back to over 300 years. London Stock Exchange continues to distinguish itself by offering a wide range of financial instruments and enjoys unshakable trust from international investors," said Chairman HDFC, Deepak Parekh.

30 offshore Indian Rupee bonds have listed in total on London Stock Exchange, raising equivalent to approximately USD 3.5 billion. London Stock Exchange last year saw the listing of the world's first ever green Masala bond on its markets and there have been two further listings in 2016, raising a total of Rs. seven billion, reinforcing London Stock Exchange's position as the leading global listing venue for Rupee denominated bonds. (ANI)