International Finance Corporation, a member of the World Bank Group, on 1 March 2016 launched its first Uridashi Masala Bond. The bonds are worth 300 million rupees and will be utilised to promote private sector development in India.
The three-year Uridashi Masala Bond is Japan-specific and builds on IFC’s Masala bond Program.
While Masala bonds are rupee-denominated instruments sold only to offshore investors, Uridashi bonds are sold to Japanese household investors.
Earlier, in November 2014, the IFC issued first-ever Masala Bonds in London. The bonds were worth 10 billion rupee and listed in the London Stock Exchange.
So far, the IFC raised 1.7 billion US dollars from international investors under the Masala Bond Program.
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