ADB raises $74 million via 5-year rupee-linked offshore bonds

NEW DELHI: The Asian Development Bank has raised about $74million via five-year Indian rupee-linked offshore bonds. This is the Manila-based bank’s third bond issue in the offshore rupee-linked market and the second rupee issue this year.

"The strength of the Indian economy has led to increasing demand from international investors for Indian rupee-linked bonds," said ADB Treasurer Pierre van Peteghem. "Today’s transaction, with the longest maturity and the largest size of any previous ADB rupee bonds, demonstrates the underlying investor interest in India and ADB’s commitment to help develop the country’s capital markets," he said.

Proceeds from the bonds will support private sector lending in the Indian market.