The International Finance Corporation, the World Bank affiliate charged with investing in private enterprise, broke new ground last month when it provided a partial guarantee for 10-year rupee-denominated bonds issued by Ballarpur Industries (BILT) of New Delhi, India. The Rs1.5 billion ($32 million) private placement was a milestone of sorts in efforts by the Washington-based lender to ramp up a guarantee programme that it had seldom used before. The IFC had never used a guarantee to enhance the credit quality of local-currency-denominated bonds.
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