IFC sells third tranche of rupee bonds, investor demand strong

International Finance Corp (IFC), a part of the World Bank group, has issued a third tranche of Rs 3 billion in three-year bonds at 7.75 per cent, reflecting strong investor demand.

The sale, a part of IFC's $1 billion global rupee bond programme, will have an outstanding of Rs 23 billion of issuance after this issue, IFC said in a statement on Monday.

Investors in the bonds were asset managers and insurance companies in the United States and Europe, according to the release.

The global bond issue by IFC is seen as a significant step towards liberalisation of the partially-convertible rupee.

(Reuters)