London issues first offshore rupee bond

viewings icon comments icon

ПОДЕЛИТЬСЯ

whatsapp button telegram button facebook button

An Indian bank on Monday issued the first ever offshore rupee-denominated bond in London, a landmark celebrated by officials keen to highlight Britain's international business prowess despite Brexit, AFP reports.

whatsapp button telegram button facebook button copyLink button
Иконка комментария блок соц сети

An Indian bank on Monday issued the first ever offshore rupee-denominated bond in London, a landmark celebrated by officials keen to highlight Britain's international business prowess despite Brexit, AFP reports.

The Housing Development Finance Corporation (HDFC), India's largest provider of housing finance, raised 30 billion Indian Rupees ($450 million, 400 million euros) by issuing so-called "masala" bonds.

The three-year bond, which carries an 8.33 percent yield (interest rate), was four-times oversubscribed, according to a Treasury press release.

"It (the bond) represents a major vote of confidence in London as the leading global financial centre and is further proof that Britain is a great place to do business," said new British finance minister Philip Hammond.

Alok Sharma, British minister for Asia, added: "I very warmly welcome HDFC's choice of the London Stock Exchange to list this world-first rupee bond, a clear signal of London's standing as the leading international financial centre."

London's major financial centre has already hosted many issues of securities by foreign institutions.

China issued its first sale of offshore renminbi in London's fledgling market in May, borrowing $457 million.

Since being appointed last month, prime minister Theresa May's government has been desperate to promote Britain's business credential on the world stage, following warnings by economists that its shock decision to leave the European Union would harm its economy.

The June 23 EU referendum appears to have brought uncertainty to many industries as Britain begins the long process that will lead to high-stakes negotiations to set the terms of London's relationship with Brussels and the single market.

The long-term economic impact of Brexit is difficult to quantify but economists predict further turbulence in the short term, borne out by early indicators released since the referendum.

Tengrinews
Читайте также
Join Telegram Последние новости
Fog to blanket Almaty until February 10
Kuandyk Bishimbayev filed a lawsuit
Sirens sounded in Almaty: what happened
Kazhydromet warned residents of Almaty
Лого TengriNews мобильная Лого TengriLife мобильная Лого TengriSport мобильная Лого TengriAuto мобильная Иконка меню мобильная
Иконка закрытия мобильного меню
Открыть TengriNews Открыть TengriLife Открыть TengriSport Открыть TengriAuto Открыть TengriTravel Открыть TengriEdu Открыть TengriGuide

Exchange Rates

 511.01  course up  530.45  course up  5.23  course down

 

Weather

 

Редакция Advertising
Социальные сети
Иконка Instagram footer Иконка Telegram footer Иконка Vkontakte footer Иконка Facebook footer Иконка Twitter footer Иконка Youtube footer Иконка TikTok footer Иконка WhatsApp footer