National Stock Exchange of India Ltd (NSE) International Exchange, a wholly-owned subsidiary of the NSE has listed Axis Bank’s $600 million Additional Tier 1 (AT 1) sustainable bonds on International Financial Services Centre (IFSC) exchanges, Debt Securities Market platform and global securities market platform of India International Exchange (India INX), the two bourses said in separate statements on September 9.
NSE launched these platforms to list and trade debt securities in multiple foreign currency bonds, notes, green bonds, and masala bonds, among others on March 16, 2018. Debt securities market platform offers an efficient international listing process to issuers with minimum turnaround time and investment opportunities for investors across the globe.
The platform has successfully listed total aggregate Medium-Term Note (MTNs) worth $22.25 billion, including $750 million Green Bond, and listing of bonds over $16.20 billion, including $750 million Green Bond.
Axis bank through its IFSC Banking unit (IBU) in Gujarat International Finance Tec-City (GIFT) IFSC could raise $600 million in AT 1 sustainable bonds under its USD 5-billion global medium-term note program.
Basel III-compliant AT 1 notes were competitively priced at 4.10% and draw interest from investors across diverse geographies.
Under ESG (environmental, social and governance) category, the $600 million AT 1 Bond issuance marks the beginning of GIFT IFSC emerging as a preferred destination for raising of capital for sustainability,” said Injeti Srinivas, Chairman, IFSCA in a statement.
V Balasubramaniam, Managing Director and Chief Executive Officer, INDIA INX, stated that it looks forward to a healthy pipeline of offshore bond issuances listing on its platform making Indian IFSC the destination of choice for listing overseas issuances. Till date, GSM platform has established more than $55 billion in MTN programs and over $31 billion of bonds issued.
India INX informed that Adani Green Energy has listed its $750 million foreign currency green bonds on its Global Securities Market platform in a separate statement.
Rated by Moody’s, the bonds were rated Ba3 (stable), which have garnered huge investor interest around the world.
