Private sector mortgage lender HDFC raising Rs 3,000 crore via masala bonds is expected to open the gates for other corporate peers to access this alternate source of funds, says Japanese financial services major Nomura.HDFC proposes to issue Rs 2,000-crore synthetic bonds, also known as masala bonds, with an option to retain over-subscription of up to Rs 1,000 crore.
It is the first Indian public issue of synthetic INR notes."The HDFC issuance is well timed given the rally in Indian bonds over the past month. Its benchmark size is large enough to ensure secondary market liquidity.
The synthetic notes are in the nature of 'Rupee Denominated Bonds' as per applicable Reserve Bank guidelines. The bonds will bear a fixed coupon and will have a tenor of three years and one month.
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