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Masala Bonds
May 24 , 2019
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- The Kerala Infrastructure Investment Fund Board (KIIFB) has issued Masala Bonds to raise funds from the overseas market.
- Kerala has become the first Indian state to tap into the market for masala bonds.
- A Masala Bond is a
- Rupee-denominated bond
- Settled in US Dollars
- Subject to English law.
- A rupee-denominated bonds indicates that the funds would be raised from overseas market in Indian rupees.
- Kerala plans to use the money raised from the bonds to rebuild the infrastructure that was devastated by last year’s floods.
- KIIFB has listed Masala Bond on the London Stock Exchange on 17.05.19 to tap USD 312 million (₹ 2,150 crore).
- London Stock Exchange claims to be the largest Masala Bond centre globally, with 49 such rupee-denominated bonds listed across its markets.
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