India's Housing Corporation Raises $448 Million

The Housing and Urban Development Corp (HUDCO), a public sector organisation engaged in housing finance and infrastructure project finance, raised ¥60 billion ($448 million) from the Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corp (SMBC) and Mizuho Bank. This is a rare transaction for a government-owned company in this currency. The five-year loan was approved at 70 basis points above the Tokyo Overnight Average Rate (TONAR), the interbank benchmark rate in Japan.