Indian infrastructure companies are turning to so-called orphan financing vehicles in a bid to navigate the central bank's rules on overseas borrowing. Last week, DELHI INTERNATIONAL AIRPORT AUTHORITY hired banks to arrange investor calls for a proposed US dollar 144A/Reg S green bond offering of around 4.6 years, to be issued by CLIFFTON, an orphan SPV incorporated in Mauritius. In February, IRB INFRASTRUCTURE DEVELOPERS raised US$300m from 3.5-year non-call two senior secured bonds at 5.5% through another orphan SPV, INDIA TOLL ROADS.
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