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Kerala: 1st state to list Masala Bond in overseas market

Date: 21 May 2019 Tags: Infrastructure
  • Kerala became first Indian state issue masala bond in oversees market. It listed Kerala Infrastructure Investment Fund Board (KIIFB)’s masala bond  in London Stock Exchange (LSE)’s International Securities Market (ISM).
  • The masala bond are worth of USD 312 million (Rs 2,150 crore. It has tenor of 5-year and a 9.723% coupon.
  • Its main objective is tap masala bond market and to rebuild the infrastructure in Kerala from the proceeds of masala bond.
  • Masala bonds: They are rupee-denominated bonds through which Indian entities can raise money from foreign markets in rupee and not in foreign currency.