Which of the following statements is/are correct regarding “Masala bond”?

1. Issued directly in Indian rupees, it poses exchange rate risks to the investor.

2. The first Masala bond was issued in 2014 by the International Finance Corporation (IFC).

3. It can be subscribed by Foreign Investors.

4. It is a debt instrument issued by an Indian entity in foreign markets only.

Select the correct answer using the codes given below.