The Asian Development Bank (ADB) has raised $217 million by issuing offshore Indian rupee-linked five-year bonds. The proceeds from the bonds will be mobilised to support ADB’s lending in India. ADB’s increased activity in the rupee capital market is proving catalytic to its local currency lending programme, which has been identified as a strategic growth area in partnership with the Government of India. The orders were oversubscribed by three times. This is ADB’s largest single offshore Indian rupee-linked bond issue.