Fitch Ratings have released a statement on the inaugural masala bond issuances, issued in the last month by HDFC and NTPC, both listed on London Stock Exchange.

"The inaugural offshore masala bonds issued by HDFC on 14 July and NTPC on 4 August mark the first time Indian firms issued rupee-denominated debt overseas. HDFC raised INR30bn (USD449m) through its three-year bonds, while NTPC raised INR20bn by selling five-year "green" bonds".