Tue, Feb 28, 2017 | updated 03:22 PM IST

HDFC becomes first Indian firm to list Masala Bond on LSE

Updated: Jul 15, 2016 11:43 IST

London, July 15 (ANI): The London Stock Exchange has welcomed the world's first Masala Bond issued by an Indian corporate.

The landmark bond issuance from Housing Development Finance Corp (HDFC), one of India's leading banking and financial services companies was 4.3 times oversubscribed and paves the way for the opening of the Masala bond market globally to support Indian company and infrastructure financing.

The 37 month dated Rupee denominated bond, commonly known as a Masala bond, raised INR 30 billion, equivalent to USD 450 million, with an annual yield of 8.33% and secured global investor support. The bond will help HDFC to diversify its borrowing profile and access global investors. The listing comes in the wake of Prime Minister Narendra Modi's announcement to issue USD 1 billion equivalent Masala bonds in the UK, made during his visit to London in 2015.

London Stock Exchange has a strong track record of supporting Masala bond issuance by supranational institutions on its markets. 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 INR 7 billion, reinforcing London Stock Exchange's position as the leading global listing venue for Rupee denominated bonds.

Nikhil Rathi, CEO, London Stock Exchange plc and Director of International Development, London Stock Exchange Group, said, "Today's Masala bond issuance by HDFC is a world first and London Stock Exchange is proud to be the partner of choice for this landmark event for Indian finance. Thanks to HDFC, in particular Chairman, Mr Deepak Parekh, a vital new international channel of finance has opened up for Indian corporates and infrastructure."

He added, "The success of this issuance shows the support of the global markets for high quality Indian companies. Taking advantage of the efficient listing process and tapping the global markets in London, home to the deepest international investor base, Indian companies can now access international Rupee-based financing without having to be concerned about foreign exchange risks. We look forward to building this market with Indian partners and authorities over the long-term, a major success for the India-UK Financial Partnership."

Deepak Parekh, Chairman, HDFC, said, "This is a milestone transaction for HDFC. We have successfully achieved our objective of attracting a global pool of capital to further diversify our borrowing profile. The positive investor response towards this issuance reinforces the blue-chip positioning of HDFC, and establishes a significant benchmark for Indian companies."

HDFC's bond listing is the latest in a long line of global firsts for London Stock Exchange Group, including numerous high profile Rupee denominated bond issuances on London Stock Exchange:

• June 2016 - Axis Bank lists India's first internationally listed certified green bond & its entire USD 5 billion MTN programme

• June 2016 - first Chinese sovereign RMB bond issued outside of China lists in London, bringing total number of offshore RMB bonds issued in 2016 alone in London to 54, more than all other offshore RMB markets combined

• August 2015 - International Finance Corporation (IFC) issues world's first offshore green Masala bond, raising GBP31 million equivalent

• February 2014 - IFC lists first Rupee denominated bond, going on to issue a further 3 Masala bonds in London over 2 years. (ANI)

New Delhi [India], Feb 28 (ANI-BusinessWireIndia): Flytxt, a fast growing customer data analytics software company, announced today that it has entered into an agreement to deploy its Customer Value Management (CVM) solutions for Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa. Flytxt, through its CVM solutions, will deliver deeper customer insights to enhance customer experience and revenue for Zain Group operations.

Full Story >>

New Delhi [India], Feb 28 (ANI-NewsVoir): iSticker, a global platform revolutionizing the AEC industry, has noted a progressive increase in its traction by almost 2000 new users every month.

Full Story >>

PropUrban commences its operations in India

Updated: Feb 28, 2017 14:34 IST

New Delhi [India], Feb 28 (ANI): Online-to-offline (O2O) platform PropUrban has announced the launch of its operations in India. With real-time data as its core strength, the company has a strong research and advisory wing to help clients make informed property decisions.

Full Story >>

New Delhi [India], Feb 28 (ANI): The World Bank on Tuesday signed a financing agreement for IDA credit of USD 63 million (equivalent) for 'Tejaswini', which is a socio-economic empowerment of adolescent girls and young women project.

Full Story >>

New Delhi [India], Feb 28 (ANI): The Asian Development Bank (ADB) and the Government of India signed here USD 375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500 km long East Coast Economic Corridor (ECEC).

Full Story >>

Strike disrupts banking services in Tripura

Updated: Feb 28, 2017 13:41 IST

By Pinaki Das

Full Story >>

New Delhi [India], Feb 28 (ANI): Credit rating agency ICRA expects the domestic sugar prices to remain firm in the near term, given the deficit situation in the domestic and international markets.

Full Story >>

New Delhi [India], Feb 28 (ANI-NewsVoir): The world's most elegant and notable celebrities sparkled in platinum jewelry at the "89th Annual Academy Awards" and related parties this evening. Large diamond stud earrings, cuff bracelets and cocktail rings were the top platinum jewelry trends on the red carpet.

Full Story >>

New Delhi [India], Feb 28 (ANI-NewsVoir): Forever 21, a leading fast fashion brand from Aditya Birla Fashion and Retail Ltd. strengthens its foothold in Mumbai with the launch of its 4th store, taking the total count to 15 stores in India.

Full Story >>

New Delhi [India], Feb 28 (ANI-BusinessWireIndia): Koenig Solutions, the leading IT training organization serving a global clientele for technical skill development, recently became ISACA Authorized Training Partner.

Full Story >>

New Delhi [India], Feb 28 (ANI-NewsVoir): One of the premier hubs of education in Bahadurgarh, (Delhi-NCR), PDM University has collaborated with multinational technology company, IBM Corporation through its IBM Career Education program to introduce and launch co-branded specialized engineering and management programs.

Full Story >>

New Delhi [India], Feb.28 (ANI): Noida, Uttar Pradesh-based infrastructure and energy-based conglomerate -- The Jaypee Group - has signed a Memorandum of Understanding (MoU) with Kazakhstan's national agency for export and investment KAZNEX INVEST this week for collaboration in several areas of mutual interest.

Full Story >>

New Delhi [India], Feb 27 (ANI): Finance Minister Pradeep Kumar Amat on Monday presented the State Budget for 2017-18 fiscal in the session of Orissa Legislative Assembly to review several new features after changes made in line with the Union Budget such as merger of non-plan and plan expenditure.

Full Story >>

New Delhi [India], Feb. 27 (ANI): Kritika Dahal, Director of Hongkong-based International Rising Limited was arrested by the Enforcement Directorate on charges of money laundering.

Full Story >>

Jaitley opens trading on London Stock Exchange

Updated: Feb 27, 2017 19:31 IST

London [United Kingdom], Feb.27 (ANI): Visiting Indian Finance Minister Arun Jaitley opened trading on the London Stock Exchange on Monday in the presence of British Member of Parliament and UK Secretary of State for International Trade Liam Fox, India's High Commissioner to the United Kingdom Y.K. Sinha and Pankaj Patel, President, FICCI.

Full Story >>

New Delhi [India], Feb. 27 (ANI): Subhrakant Panda, Managing Director, Indian Metals and Ferro Alloys Ltd and Jawahar Vadivelu, Chairman, Cameo Corporate Services Limited, have taken over as the President and Vice President of ICC India, respectively, at the conclusion of 86th Annual General Meeting of ICC India held here on Monday.

Full Story >>

New Delhi [India], Feb. 27 (ANI-BusinessWireIndia): Premium inner wear brand, Euro Fashion Inners, announced the launch of Euro Blaze, a new collection of men's brief that celebrates the Inner Fire and Passion of men that drives them towards higher goals in life.

Full Story >>

New Delhi [India], Feb. 27 (ANI): Droom, India's pioneering online automobile transactional marketplace, is riding high on the success of its Orange Book Value (OBV), an algorithm-based benchmark pricing engine, which has received over 100 million queries in 14 months.

Full Story >>

New Delhi [India], Feb 27 (ANI): In line with the company's continued effort to strengthen and professionalize its management for achieving accelerated growth and business excellence, Intex Technologies, one of the leading consumer electronics major, has appointed S P Subramanian as Assistant Vice President - Sales (Mobile) to further strengthen its mobile business.

Full Story >>