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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]]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}}
-'''Masalala bonds''' are [[bond (finance)|bond]]s issued oMasalala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India. Unlike dollar bonds, where the borrower takes the currency risk, masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India.[1] Later in August 2015 International Financial Cooperation for the first time issued green masala bonds and raised Rupees 3.15 Billion to be used for private sector investments that address climate change in India.[2]
+==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 HDFC raised 3,000 crore rupees from Masala bonds and thereby became the first Indian company to issue masala bonds.<ref>http://www.business-standard.com/article/finance/hdfc-raises-rs-3-000-cr-via-india-s-first-masala-bonds-116071401511_1.html</ref> In the month of August 2016 public sector unit [[NTPC Limited|NTPC]] issued first corporate [[green masala bond|greeThen masala bond]]s worth 2,000 crore rupees.<ref>http://economictimes.indiatimes.com/markets/bonds/ntpc-raises-rs-2000-crore-via-green-masala-bonds/articleshow/53529926.cms</ref>Masala bonds are bonds issued outside India but denominated in Indian Rupees, rather than the local currency. Masala is an Indian word and it means spices. The term was used by the International Finance Corporation (IFC) to evoke the culture and cuisine of India. Unlike dollar bonds, where the borrower takes the currency risk, masala bond makes the investors bear the risk. The first Masala bond was issued by the World Bank- backed IFC in November 2014 when it raised 1,000 crore bond to fund infrastructure projects in India.[1] Later in August 2015 International Financial Cooperation for the first time issued green masala bonds and raised Rupees 3.15 Billion to be used for private sector investments that address climate change in India.[2]
+*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>
-<br />
 ==See also==
 * [[Bond (finance)#Foreign currencies|Foreign currency denominated bond]]
-* [[Eurobond]]
+* [[Eurobond (international)|Eurobond]]
 * [[Dim sum bond]]
 * [[Samurai bond]]