HDFC
The Housing Development Finance Corporation (HDFC) has become the first Indian company to issue rupee-denominated bonds “masala bonds” on London Stock Exchange (LSE). The bond will help HDFC to diversify its borrowing profile and access global investors.The Masala bond refers to a bond through which Indian entities can raise money from foreign markets in rupee, and not in foreign currency. By issuing bonds in rupees, an Indian entity is protected against the risk of currency fluctuation, typically associated with borrowing in foreign currency. With this, masala bonds will help in internationalization of the rupee and will expand the Indian bond markets. Though, the bonds are traded on the LSE, not in India.