Indian Rupee denominated overseas bonds are popularly known as masala bonds. : Kerala Chief Minister Pinarayi Vijayan rang the opening bell at the London Stock Exchange (LSE) on May 17 to mark the listing of masala bonds sold by Kerala Infrastructure Investment Fund Board (KIIFB), according to an official statement. KIIFB plans to raise Rs 5,000 crore through masala bonds to fund large and critical infrastructure projects in Kerala.