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Masala bonds are bonds issued outside India but denominated in Indian rupees. Masala is a Hindi word meaning spices.^[1] The term was first used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India.^{[clarification needed]}

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 (10,00 crore) 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.^[2]

In August 2016, NTPC, a public sector undertaking, issued the first corporate green masala bonds worth ₹20 billion.^[3]

Sources

^ V, NARAYANAN (2020-10-07). "Masala bonds gain currency after a pause". www.thehindubusinessline.com. Retrieved 2022-09-14.
^ Roy, Anup (15 July 2016). "HDFC raises Rs 3,000 cr via India's first masala bonds". Business Standard India.
^ Das, Saikat. "NTPC raises Rs 2,000 crore via green masala bonds". The Economic Times.

[1] V, NARAYANAN (2020-10-07). "Masala bonds gain currency after a pause". www.thehindubusinessline.com. Retrieved 2022-09-14.

[2] Roy, Anup (15 July 2016). "HDFC raises Rs 3,000 cr via India's first masala bonds". Business Standard India.

[3] Das, Saikat. "NTPC raises Rs 2,000 crore via green masala bonds". The Economic Times.

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-'''Masala bonds''' are [[bond (finance)|bond]]s issued outside India but denominated in [[Indian rupee|Indian Rupees]], rather than the local currency. Masala is a [[Hindi]] word meaning spices.<ref>{{Cite web |last=V |first=NARAYANAN |date=2020-10-07 |title=Masala bonds gain currency after a pause |url=https://www.thehindubusinessline.com/markets/stock-markets/masala-bonds-gain-currency-after-a-pause/article62195396.ece |access-date=2022-09-14 |website=www.thehindubusinessline.com |language=en}}</ref> The term was used by the [[International Finance Corporation]] (IFC) to evoke the culture and cuisine of India.{{Clarify|date=March 2023}} Unlike dollar bonds, where the borrower takes the currency risk, Masala bonds makes the investors bear the risk.{{fact|date=December 2022}} The first Masala bond was issued by the [[World Bank]]-backed IFC in November 2014 when it raised [[Indian rupee|₹]]10 billion bonds to fund infrastructure projects in India. Later in August 2015 International Financial Cooperation for the first time issued green masala bonds and raised ₹3.15 Billion to be used for private sector investments that [[Climate change mitigation|address]] [[climate change in India]].
+'''Masala bonds''' are [[bond (finance)|bond]]s issued outside India but denominated in [[Indian rupee]]s. Masala is a [[Hindi]] word meaning [[Spice|spices]].<ref>{{Cite web |last=V |first=NARAYANAN |date=2020-10-07 |title=Masala bonds gain currency after a pause |url=https://www.thehindubusinessline.com/markets/stock-markets/masala-bonds-gain-currency-after-a-pause/article62195396.ece |access-date=2022-09-14 |website=www.thehindubusinessline.com |language=en}}</ref> The term was first used by the [[International Finance Corporation]] (IFC) to evoke the [[Culture of India|culture]] and [[Indian cuisine|cuisine of India]].{{Clarify|date=March 2023}}
+==Tranches of masala bonds issued==
+*The first Masala bond was issued by the [[World Bank]]-backed IFC in November 2014 when it raised [[Indian rupee|₹]]10 billion (10,00 crore) in bonds to fund [[Construction industry of India|infrastructure projects]] in India.
+*In August 2015, the IFC, for the first time, issued [[green bond|green masala bonds]] and raised ₹3.15 billion to be used for private sector investments that [[Climate change mitigation|address]] [[climate change in India]].
-In July 2016 [[Housing Development Finance Corporation|HDFC]] raised ₹30 billion from Masala bonds and thereby became the first Indian company to issue masala bonds.<ref>{{Cite news|url=http://www.business-standard.com/article/finance/hdfc-raises-rs-3-000-cr-via-india-s-first-masala-bonds-116071401511_1.html|title=HDFC raises Rs 3,000 cr via India's first masala bonds|newspaper=Business Standard India|date=15 July 2016|last1=Roy|first1=Anup}}</ref> In August 2016, NTPC, a [[Public sector undertakings|public sector undertaking]], issued the first corporate green masala bonds worth ₹20 billion.<ref>{{Cite news|url=http://economictimes.indiatimes.com/markets/bonds/ntpc-raises-rs-2000-crore-via-green-masala-bonds/articleshow/53529926.cms|title=NTPC raises Rs 2,000 crore via green masala bonds|newspaper=The Economic Times|last1=Das|first1=Saikat}}</ref>
+*In July 2016 [[Housing Development Finance Corporation|HDFC]] raised ₹30 billion from Masala bonds and thereby became the first Indian company to issue masala bonds.<ref>{{Cite news|url=http://www.business-standard.com/article/finance/hdfc-raises-rs-3-000-cr-via-india-s-first-masala-bonds-116071401511_1.html|title=HDFC raises Rs 3,000 cr via India's first masala bonds|newspaper=Business Standard India|date=15 July 2016|last1=Roy|first1=Anup}}</ref>
+*In August 2016, NTPC, a [[Public sector undertakings|public sector undertaking]], issued the first corporate green masala bonds worth ₹20 billion.<ref>{{Cite news|url=http://economictimes.indiatimes.com/markets/bonds/ntpc-raises-rs-2000-crore-via-green-masala-bonds/articleshow/53529926.cms|title=NTPC raises Rs 2,000 crore via green masala bonds|newspaper=The Economic Times|last1=Das|first1=Saikat}}</ref>
 ==See also==