Axis Bank acting through its GIFT IFSC branch rings the bell with listing of USD 600 Mn bond

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 Axis Bank through its IFSC Banking Unit (IBU) in GIFT IFSC raised USD 600 Million in AT 1 sustainable bonds under its USD 5-billion global medium-term note programme. The dollar-denominated, Basel III-compliant AT1 notes were competitively priced at 4.10 per cent and evinced interest from investors across diverse geographies.
Commenting on the success, Mr. V. Balasubramaniam, MD & CEO, INDIA INX said, “We are delighted to list Axis Bank’s maiden AT1 Bond sustainable bond of USD 600 Mn on our GSM Green platform, our dedicated platform for listing of ESG compliant issuances. My heartiest congratulations to the Axis Bank’s team for this achievement and we look forward to a healthy pipeline of offshore bond issuances listing on our platform making Indian IFSC the destination of choice for listing overseas issuances. Till date, Global Securities Market has established USD 55+ billion in MTN programmes and more than USD 31+ billion of bonds issued.”
Shri Tapan Ray, MD & Group CEO, GIFT City said: “GIFT IFSC is now emerging as a destination for raising capital and debt by Indian issuers. Axis Bank’s Sustainable Bond issuance through GIFT City is a welcome-step. The ecosystem, ease of doing business and cost-efficiency make GIFT IFSC a preferred platform for raising and listing of debt. Our aim is to make GIFT City a Green & Sustainable Finance hub, we congratulate Axis Bank and IFSC Exchanges for their commitment towards achieving this goal. “
Shri Injeti Srinivas, Chairman, IFSCA, said, “The USD 600 MN AT-1 Bond issuance under ESG Category marks the beginning of GIFT IFSC emerging as a preferred destination for raising of capital for sustainability.”
India INX introduced the Global Securities Market (GSM) platform, which is a pioneering concept in India, offering issuers an efficient and transparent method to raise capital. The platform offers a debt listing framework at par with other global listing venues such as London, Luxembourg, Singapore etc. Issuer mix is a healthy one with Banks (SBI, EXIM Bank, HDFC Bank), supranational (Asian Development Bank), State owned finance corporations (NTPC, PFC, REC) and several others (Adani Green, Adani Port). Further India INX is also a market leader in the derivatives segment and for August 2021, the market share of India INX stood at 83%.

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