SINGAPORE, Aug 31 (IFR) - The Canadian province of British Columbia is bookbuilding for its debut issue of offshore rupee bonds.
Initial price guidance for the benchmark-sized offering with a tenor of three years and four months is 6.68-6.73 percent.
The Masala bonds will be issued in 144A/Reg S format and will be listed on the London Stock Exchange.
The settlement date for the bonds is September 9, and they will mature on January 9, 2020.
The bonds are rated Aaa/AAA/AAA by the three major rating agencies, all with stable outlooks.
HSBC and TD Securities are bookrunners for the deal, which will price tomorrow in Asian hours.
Last year, British Columbia finance minister Michael de Jong met Indian Prime Minister Narendra Modi and discussed the possibility of issuing offshore rupee bonds.
British Columbia has been a trendsetter in Asian currencies in recent years. It was the first foreign government entity to sell Dim Sum bonds, in 2013, and, in January this year, it sold Panda bonds in China’s domestic interbank market. (Reporting by Krishna Merchant; editing by Dharsan Singh and Daniel Stanton)