Vadodara became the second Indian city to issue a municipal bond with assistance from the US Treasury Department’s Office of Technical Assistance.

• The US Embassy and US Treasury officials joined counterparts on Thursday from India’s Ministry of Housing and Urban Development, the city of Vadodara, and the Securities and Exchange Board to celebrate the successful issuance of Vadodara’s first-ever municipal bond.
• The bond will provide funds for infrastructure projects in Vadodara. The bond was oversubscribed by 10 times ( ?1007 crore in bids received from 33 bidders) and was priced at a low yield of just 7.15%.
• Pune was the first city to issue such a bond in 2017.