Singapore Exchange today welcomed the inaugural rupee-denominated or Masala bond listing of Indiabulls Housing Finance Ltd. (IBHFL), one of India’s largest mortgage lenders.
IBHFL raised Rs. 13.3 billion from its first Masala bonds, which has a tenor of three years. The bond was priced at 8.567% and attracted close to 70% participation from investors in Asia. The company will invest the proceeds in its housing-finance business, particularly loans in the affordable housing segment.
More than 80% of listed offshore bonds by Indian issuers are listed on SGX today, raising about US$66 billion.