Asian credit correspondent
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HDFC Bank has become the first Indian bank to sell Masala bonds, paving the way for other lenders to tap the offshore rupee bond market.
A spike in rupee yields is sending Indian issuers overseas in search of cheaper funding at a time when global investors are turning cautious on the country.
India’s central bank has taken the unprecedented step of ordering some of the country’s weaker banks to redeem their capital securities ahead of schedule, triggering a debate over regulatory interference in the fixed-income sector.