Moody's Investors service, a global rating agency, on Monday said that India's Housing Development Finance Corp. Ltd.'s (HDFC Ltd., unrated) issuance of a masala bond -- a rupee-denominated bond in the overseas market -- will open the market for other potential issuers, particularly Non-Bank Finance Companies (NBFCs) and Government Related Issuers (GRIs).
This issuance is the first masala bond for a corporate entity, following issuances by International Finance Corporation (IFC, Aaa stable) and Asian Development Bank (ADB, Aaa stable), said Moody’s.
"We expect the market to deepen further with more issuers following HDFC Ltd.'s issuance," says Alka Anbarasu, a Moody's Vice President and Senior Analyst. "In addition, the Indian rupee has depreciated by about 5.3% on a year-on-year basis, allaying some investor concerns about emerging market currency risk at a time when financing conditions have become less favorable for many developing countries," adds Anbarasu.
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This issuance is the first masala bond for a corporate entity, following issuances by International Finance Corporation (IFC, Aaa stable) and Asian Development Bank (ADB, Aaa stable), said Moody’s. 
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