This issue is the latest tranche of a global medium-term note program from International Finance Corporation, a supranational entity that is the private sector investment arm of the World Bank. It is part of the drive to internationalise the Indian currency and to attract foreign investment in India’s capital markets.

With an issue amount of INR 12 billion (equivalent to USD 199 million), these latest notes (ISIN US45950VDB99) carry an annual interest of 8.25%, payable in US dollars. The majority of the subscribers were from outside Asia.

The Luxembourg Stock Exchange currently lists sixty securities from International Finance Corporation. It also lists more than 770 securities from eleven other supranationals.