Foreign Currency Denominated Sovereign Bonds

Finance Minister announced in the Budget speech that India was looking to raise around $10 billion via overseas foreign currency sovereign bonds in the current fiscal year, in a first-ever such issuance. This is in line with the government’s intent to raise a portion of its gross borrowing from overseas markets in external currencies, as announced in the Budget 2019.

• The proposed bonds are different from government securities (or G-secs, wherein the Indian government raises loans within India and in Indian rupee) and from the Masala Bonds (wherein Indian entities, excluding the government, raise money overseas in rupee terms).

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