CONTEXT :

• Kerala became the first state to tap into masala bond market by listing the Kerala Infrastructure
• Investment Fund Board (KIIFB)’s masala bond in LSE’s International Securities Market (ISM).
• The masala bond has tenor of 5-year and a 9.723% coupon.
• The main objective of this initiative was to tap masala bond market and to rebuild the infrastructure in Kerala from the proceeds of masala bond.