Mumbai: After IFC and ADB, the BRICS grouping-promoted New Development Bank (NDB) is also bullish on masala bonds and may hit the market with the maiden issue by December, its president K V Kamath has said. “We will explore domestic currencies. We are working on China at present and next we will work on India,” Kamath said on the sidelines of an event.
He said the bank, which started operations last month, wants to raise a “reasonable sum” from the rupee bond issue this year itself and the size will be determined by its funding requirements.
“There are lot of challenges like how do you hedge risks, how do you negative carry till you disburse. We are working on all these,” he said. Kamath said it is necessary for a lender like NDB to fund the growth requirements of its members Brazil, Russia, India, China and South Africa.
