India’s largest mortgage finance company, Housing Development Finance Corporation (HDFC), has chosen London Stock Exchange to launch a programme of offshore rupee-denominated bonds, the first by a private sector Indian company. The ‘Masala’ bonds are set to raise up to USD 750 million, with the proceeds being used to improve housing infrastructure in India. Masala bonds will be crucial to the expansion of India’s innovative economy as they allow Indian companies to raise finance to expand and grow without exposing themselves to currency risk.
