By Andrei Skvarsky.
London-based investment manager Sun Global Investments has organised a 10bn rupee ($145m) issue of bonds for a leading Indian housing finance provider, Housing Development Finance Corp (HDFC).
Sun Global was the sole arranger of the issue of so-called Masala bonds – rupee-denominated bonds to be sold outside India. The issue is part of HDFC’s $2.8bn medium-term note programme listed on the London Stock Exchange.
The three-year bonds have a yield of 8.22 per cent, according to a statement from Sun Global, which specialises in emerging markets with a strong focus on India.
They are redeemable in US dollars.
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