Kerala first Indian state to tap into masala bond market

  1. Kerala Infrastructure Investment Fund Board(KIIFB) has issued Masala Bonds to raise funds from the overseas market.
  2. KIIFB has become the first regional entity in India to enter the offshore international masala bond market.The bond has been listed on the London Stock Exchange’s International Securities Market.
  3. Masala bonds are bonds issued by an Indian entity in a foreign market in the rupee denomination.It is a way for an entity to borrow from foreign investors and is due to be paid at a fixed end date.
  4. Masala bonds can only be issued in a country and subscribed by a resident of such a country that is a member of the Financial Action Task Force and whose securities market regulator is a member of the International Organisation of Securities Commission.
  5. Further,it can also be subscribed by multilateral and regional financial institutions where India is a member country.
  6. According to RBI, the minimum maturity period for Masala Bonds raised up to Rupee equivalent of USD 50 million in a financial year should be 3 years and for bonds raised above USD 50 million equivalent in INR per financial year should be 5 years.
  7. According to RBI,any corporate, body corporate and Indian bank is eligible to issue Masala bonds overseas.But the money raised through such bonds cannot be used for real estate activities other than for development of integrated township or affordable housing projects.It also can’t be used for investing in capital markets, purchase of land and on-lending to other entities for such activities as stated above.

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