Asian credit correspondent
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Housing Development Finance Corp is set to raise US$500m from its first US dollar bond, its CEO said, as it looks to expand its funding channels and press home its advantage as India’s biggest housing finance company.
Lodha Developers International’s dollar bonds have slumped to an all-time low, in a stark example that the liquidity squeeze in India’s shadow banking sector is weighing on offshore issuers.
India’s Housing Development Finance Corp reopened the Masala bond market last week with the first corporate issue since April, signalling the return of confidence in the rupee market following a currency slump and shadow banking crisis.