The MoRTH has received an overwhelming response for the National Highways Authority of India’s (NHAI) masala bond issue at the London Stock Exchange. The initial benchmarked issue of Rs 15 billion was upsized to Rs 30 billion at a price yielding 7.3 per cent annually due to the highly positive response from the investor market. The transaction marked the largest-ever five-year issuance and the largest inaugural transaction in the masala bond market. The issue attracted a wide spectrum of investors with Asia contributing 60 per cent of the subscription and the balance coming from Europe. Further, 61 per cent of the amount came from fund managers and insurance firms, 18 per cent from government banks and 21 per cent from private banks.