Masala bonds

Masala bonds are bonds issued outside India but denominated in Indian rupees. Masala is a Hindi word meaning spices. The term was first used by the International Finance Corporation to evoke the culture and cuisine of India.

Tranches of masala bonds issued

The first Masala bond was issued by the World Bank-backed IFC in November 2014 when it raised ₹10 billion in bonds to fund infrastructure projects in India.
In August 2015, the IFC, for the first time, issued green masala bonds and raised ₹3.15 billion to be used for private sector investments that address climate change in India.
In July 2016 HDFC raised ₹30 billion from Masala bonds and thereby became the first Indian company to issue masala bonds.
In August 2016, NTPC, a public sector undertaking, issued the first corporate green masala bonds worth ₹20 billion.