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India’s PNB Housing Finance is preparing to make its debut in the offshore rupee bond market and has turned to the International Finance Corporation (IFC) to make sure the deal goes off without a hitch.
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PNB HFL plans to sell a $400m-equivalent five year bond this year, a source at the company confirmed. But investors will not be expected to take all of that. IFC has proposed to buy around $150m of the Masala bonds, citing PNB Housing Finance’s affordable and green housing plans as the justification for its investment.
The housing...