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Housing Development Finance issues 33B rupees of Masala bonds

Housing Development Finance Corp. Ltd. issued 33 billion Indian rupees worth of bonds under its US$750 million medium-term note program.

The company said March 24 that the rupee-denominated bonds, or Masala bonds, were issued to overseas investors with a coupon of 7.35% per year. The issue is the largest issuance of Masala bonds out of India.

The notes mature April 30, 2020.

The bonds initially had an issue size of 20 billion rupees with a greenshoe option.

As of March 24, US$1 was equivalent to 65.39 Indian rupees.