India warms to 'covered bonds'

摘要

India's non-banking financial sector is turning to a centuries-old European funding tool in a bid to comfort investors and reduce borrowing costs in an economy reeling from the Covid-19 pandemic. SHRIRAM TRANSPORT FINANCE is planning to sell up to RslObn (US$137m) of covered bond-like instruments with tenors of three to five years, according to a preliminary offer document sent to investors, ESS KAY FINCORP, HINDUJA LEYLAND FINANCE and ASIRVAD MICROFINANCE are also looking to sell similar securities, market sources said.