September 1, 2016 / 7:42 AM / in a year

British Columbia raises 5bn rupees from debut Masala bonds

SINGAPORE, Sept 1 (IFR) - British Columbia, the first foreign government entity to tap the Masala bond market, has priced 5 billion rupees ($75 million) of offshore bonds at 6.62 percent.

Initial price guidance for the benchmark-size offering with a tenor of three years and four months was at 6.68-6.73 percent with interest payable semi-annually.

Pricing was tightened in reaction to a stronger response than expected from Asian, European and American investors, a source said.

The bonds are rated Aaa/AAA/AAA by the three major international rating agencies, all with stable outlooks.

HSBC and TD Securities were bookrunners for the deal.

Indian government three-year bonds were yielding 6.88 percent today. (Reporting by Krishna Merchant; Editing by Vincent Baby and Daniel Stanton)

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