In a first, HDFC Bank, India’s leading Private Bank, listed their INR 739 Crore Masala AT1 bonds exclusively in GIFT IFSC today.
Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We take immense pride in welcoming HDFC Bank’s first AT1 Masala Bonds of INR 739 Crs. on India INX and adding them to our existing deck of masala bond issuers which include Asian Development Bank (ADB) and NTPC Limited. This takes our masala bond issuance on India INX to INR 5,889 Crs. and total bond listings to over USD 33+ Bn with the total medium term notes established to the tune of USD 55+ Bn. This pioneering transaction will open new avenues for other banks and marquee issuers from India to raise foreign investments through listing on India INX.”
Commenting on the listing, Shri Injeti Srinivas, Chairman, IFSCA said “I am happy to note that the international exchanges in GIFT IFSC are emerging as a preferred destination for Indian banks and corporates for raising debt capital in the form of AT 1 bonds. I compliment HDFC Bank on their initiative for listing the first AT 1 Masala bonds on both the exchanges in GIFT IFSC.”
Commenting on the listing , Mr Sashidhar Jagdishan, Managing Director & CEO, HDFC Bank said “We are thrilled to announce that we have successfully placed first ever AT1 Masala Bond issued by any Bank. The issue was privately placed. We believe that this also opens up such opportunities for other well rated Indian issuers. The Issue is being listed at India International Exchange (“India INX”) at the Gujarat International Finance Tec-City (“GIFT City”) and NSE IFSC simultaneously. This is our second listing on these platforms as they are becoming popular destinations for listing Indian papers. We are thankful to the investor for this vote of confidence in us as well as India.”
Commenting on the listing, Shri Tapan Ray, MD & Group CEO, GIFT City said “We are moving closer to our aim in GIFT IFSC being the Global Finance hub and the destination of choice for Indian issuers for raising foreign capital and listing the same in our very own IFSC Exchanges. We welcome HDFC Bank’s first AT1 masala bond issuance exclusively listed on both IFSC Exchanges.”
About India INX
India INX, BSE’s international arm, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT IFSC. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and allows trading for 22 hours a day, in a range of financial market products such as index and single stock derivatives, commodity derivatives, currency derivatives and debt securities, to allow international investors to trade from anywhere across the globe. The Exchange, provides a state of the art electronic platform to facilitate trading, clearing and settlement of the widest range of global benchmark products across all major asset classes, including securities, equity derivatives, precious metals, base metals, energy and bonds. The average daily turnover at the exchange for the quarter ended September 2021 is USD 11.67 Bn. a growth of more than 275% over corresponding quarter of September 2020, with around 84 % market share among the exchanges at IFSC. India INX all time high turnover is USD 30.3 Bn. on March 10, 2021