Housing Development Finance Corporation Ltd. (HDFC) has been the first corporate in India to issue Rupee Denominated Bonds (or Unsecured Synthetic INR Notes) overseas in July 2016.
The INR 30 billion issue bears a fixed semi-annual coupon of 7.875% per annum and has a tenor of 37 months. The bonds have been issued at a price of 99.24% of the par value and would be redeemed at par. The annualised yield to the investors is 8.33% per annum. This yield is five basis points lower than the last domestic issue by HDFC.
This is a bond issue denominated in Indian rupees and there is no foreign exchange exposure for HDFC. The bonds have been listed on the London Stock Exchange (LSE) for trading in the secondary market on July 22, 2016. The joint lead managers of the issuance were Axis Bank, Credit Suisse and Nomura. Readmore