NTPC has floated its second five-year masala bond offering for Rs 20 billion in the international markets. This is the eighth offering under the company’s Rs 256.8 billion medium-term note (MTN) programme since 2006, taking the cumulative amount raised under the programme to nearly Rs 222.16 billion. The bonds are priced at a coupon rate of 7.25 per cent payable annually. The unsecured masala bonds have been issued at the lowest yield for any masala bond by an Indian issuer to date and have been priced within AAA corporate bonds of equivalent tenor in the domestic market. The company intends to use the proceeds to finance its ongoing and new power projects within India.