[caption id="attachment_22648" align="alignnone" width="299"]       Member (Finance) NHAI[/caption] NHAI successfully raised Rs 30 billion at SGX (Singapore exchange) in the largest-ever issuance of Masala bonds with a five-year tenor at a coupon rate of 7.3%, which was priced at par. The listing attracted significant interest from an array of investors including first-time participants in Masala bonds. Fund managers and insurance companies made up 61% of the investors, private banks 21% and banks 18%. Overall, about 60% came from Asia and 40% from Europe. Rohit Kumar Singh, IAS Member (Finance) at NHAI, said, "We believe issuances like that of NHAI's help internationalize the Indian rupee and deepen the market for Masala bonds by attracting new sources of liquidity. India's infrastructure is at an inflection point, and it is our responsibility to ensure that we channel investor interest for the benefit of the nation's development. I thank Singapore Exchange for facilitating these efforts." Tng Kwee Lian, Head of Debt Capital Markets at SGX, said, "We are pleased to welcome the National Highways Authority of India's debut Masala bond listing, which has drawn significant interest from diverse investors. By tapping on the international debt capital market, NHAI has offered investors an opportunity to partake directly in India's growth story through offshore Indian-rupee bonds."