Asian Development Bank lists masala bonds on India INX

In a first, supranational institution Asian Development Bank, on Tuesday listed its 10-year ₹-850 crore masala bond on the Global Securities Market (GDM) of the India International Exchange at GIFT City.

GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than $48 billion medium-term notes established and over $21 billion of bond listings till date.

Asian Development Bank’s masala bonds are dual listed at both Luxembourg and India INX.

V Balasubramaniam, Managing Director and CEO, India INX, said this is the first time a foreign issuer and a supranational is doing a primary listing with India INX. This will help make GIFT IFSC a global hub for fund-raising by Indian and foreign issuers.

Asian Development Bank Treasurer Pierre Van Peteghem said the listing rules and processes at India INX are modelled on global standards making the time-to-market fast and efficient.

ADB’s bonds were distributed to investors in the US (21 per cent) and Europe (79 per cent), with 28 per cent placed with banks and 72 per cent with fund managers.

ADB deploys the proceeds to support its local currency lending and investment operations in India.