'BRICS bank plans to issue rupee, yuan bonds this year'

'BRICS bank plans to issue rupee, yuan bonds this year'

'BRICS bank plans to issue rupee, yuan bonds this year'

The New Development Bank (NDB) set up by the BRICS countries — Brazil, Russia, India, China and South Africa — plans to issue bonds this year in Indian rupee and Chinese yuan, its president K V Kamath said on Friday.

The bank sold its first three billion yuan ($437 million) yuan-denominated bonds in China last year in July to fund clean energy projects in member-states.

Kamath, a former executive with India's largest private lender ICICI Bank, told the state-run Xinhua News Agency that after last year’s issuance of bonds, the preparation for the second batch of yuan-denominated bonds, possibly in the second half of this year, is expected to be more smooth.

The size will be around three billion yuan, similar to the last one. He said the issuance will come after the bank is rated by international rating agencies.

Between $300 million and $500 million of rupee-denominated ‘masala’ bonds will be issued after July, added Kamath, who is based in Shanghai.