The world’s first ever Masala Bond in the UK brought to you by HDFC
When Prime Minister Narendra Modi visited the UK he quipped: “We’ve got James Bond, Brooke Bond and now Masala Bonds!”
Well, this year we saw the launch of Brooke Bond in the UK with Brooke Bond Red Label tea launching in the heart of the Indian community at the Southall Vaisakhi Parade and Taj Mahal tea being available at every Asian store and supermarkets as well!
And now HDFC, one of India’s leading banking and financial services giant is the first ever Indian corporate to list Masala bonds and has chosen London Stock Exchange for the landmark issuance to support Indian companies and infrastructure financing.
The 37 month dated Rupee denominated bond, commonly known as a Masala bond, raised Rs 30 billion, equivalent to $450 million, with an annual yield of 8.33% and secured global investor support.
Deepak Parekh, chairman of 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.”
While HDFC is issuing the first ever Masala Bond – the UK based HDFC Home Loans will be marking 10 years in the UK and organising the ninth India Homes Fair on the 30th and 31st of July at Hilton Metropole London.
The exhibition will be inaugurated by the Deputy Mayor for Business, London Mr Rajesh Agrawal and the managing director of HDFC Ms Renu Sud Karnad. With 150 Indian properties on display, this is one property show not to be missed. So, save the date!
For updates on the India Homes Fair click here.
