International Finance Corporation, a member of the World Bank, has completed its maiden onshore rupee bonds, the Maharaja Bonds, raising Rs.600 crore ($100 million)..Amarchand Mangaldas acted as the sole legal advisor for the launch of Maharaja Bonds. The team was led by Mumbai Partner Niloufer Lam..HSBC, ICICI Securities Primary Dealership, and SBI Capital Markets were the lead arrangers for the issuance..The Maharaja Bonds are issued under the $2.5-billion programme to help develop infrastructure for the domestic capital markets, reports Business Today. The bonds have been rated AAA by international credit rating agencies S&P and Moody’s and is the first international AAA issuance in the country..This is the second time an international body has issued a rupee denominated bond. In 2004, the Asian Development Bank issued bonds with principal amount of Rs. 500 crore, according to The Hindu.
International Finance Corporation, a member of the World Bank, has completed its maiden onshore rupee bonds, the Maharaja Bonds, raising Rs.600 crore ($100 million)..Amarchand Mangaldas acted as the sole legal advisor for the launch of Maharaja Bonds. The team was led by Mumbai Partner Niloufer Lam..HSBC, ICICI Securities Primary Dealership, and SBI Capital Markets were the lead arrangers for the issuance..The Maharaja Bonds are issued under the $2.5-billion programme to help develop infrastructure for the domestic capital markets, reports Business Today. The bonds have been rated AAA by international credit rating agencies S&P and Moody’s and is the first international AAA issuance in the country..This is the second time an international body has issued a rupee denominated bond. In 2004, the Asian Development Bank issued bonds with principal amount of Rs. 500 crore, according to The Hindu.
