Indian issuers took advantage of strong momentum in the offshore credit markets on Wednesday, with new international deals by auto parts manufacturer Samvardhana Motherson Automotive Systems and government-owned power company, NTPC.
Motherson completed an opportunistic tap of its recent dollar-denominated issue, while NTPC added a dash of green flavouring to the nascent Masala bond market with the sector's first environmentally-friendly bond.
The latter’s Rs20 billion $300 million issue represented only the second ever publicly-syndicated Masala deal since mortgage lender Housing Development Financing Corp HDFC created a new market for offshore rupee-denominated debt three weeks ago.
NTPC built on HDFC's...
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