BRICS bank to seek dollar bond funding this year

The new Development Bank (NDB) created by the BRICS emerging economies group seeks to raise funds by issuing dollar denominated bonds later this year, agency chairman, KV Kamath , Said Thursday.

Regarding journalists at an information meeting, Kamath said he expected progress in obtaining a rating Investment by an international rating agency this year, allowing the bank to appeal to global markets for dollar financing "towards the end of the year"

Kamath said that the leaders of the BRICS countries – which include Brazil, Russia, India, China and South Africa – indicated that they would like to see the obligations in Local currency as a means of financing, in addition to the issuance of dollar bonds.

The NDB will look at the issuance of bonds in one or two member countries during the second half of the year, said Kamath, adding that the Indian masala bond market had Look attractive.

Kamath has previously stated that the NDB plans to raise up to 500 million dollars via masala bonds, which are rupee-denominated bonds sold outside India, in the second half

of 2017.

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