After going relatively quiet over the last few months, India's securitization market is set to see two major deals before the end of the current financial year in March 2000, with the Housing and Urban Development Corp. (Hudco) hoping to launch a deal backed by infrastructure loans and the National Housing Bank (NHB) inching ever closer to launching India's first MBS.

Despite reports in the business press and on newswires suggesting that Hudco's deal would be structured as a Eurobond, both transactions will be denominated in rupees and aimed at local investors. "It would be impossible to do an international deal backed by local currency flows as the rupee is not a fully convertible currency and you can't get swaps for longer than six-months," said a securitization pro in New Delhi.

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