IFC raises Rs 300 cr more from global rupee bond sale

The World Bank Group lender IFC today said it has raised Rs 300 crore from its global rupee bond sale to support the country's capital markets following the successful sale of its previous Rs 1000 crore issue.
This is the second tap-rupee bond issuance by the IFC, after it first sold a Rs 1000 crore global rupee bond in November, thus becoming the firstever international institution to do so and a similar size reopening of the issue earlier this month.
With this, the IFC has so far mopped up Rs 2,300 crore from bond sale which is the part of its USD 1 billion planned international rupee bond sale.

The current issuance is a three-year money to promote capital market development and encourage foreign investment in the country, the IFC said in a statement.
Investors included asset managers and insurance companies in the US and Europe.
IFC global rupee bonds are denominated in the rupee but settled in US dollars, with all principal and coupon payments tied to the US dollar-rupee exchange rate. IFC converts bond proceeds from dollars into rupees on the domestic spot exchange market, and uses the rupees to invest in the country, the institution said.
Over the years, IFC has issued bonds in 14 local currencies, including the Brazilian real, the Chinese yuan, the Nigeria naira, and the Russian ruble.