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HDFC Bank lists $1-billion AT1 bonds in NSE’s global exchange

Our Bureau Ahmedabad | Updated on August 27, 2021

First private sector lender to list exclusively in INX

Private sector lender HDFC Bank on Thursday announced listing of its 3.7 per cent $1 billion foreign currency additional tier - 1 (AT1) bonds exclusively at the International Financial Services Centre (IFSC) in GIFT City, Gandhinagar.

HDFC Bank became India’s first lender to exclusively list AT1 bonds on GIFT-IFSC.

‘Major milestone’

Manoj Kumar, Executive Director, IFSC-Authority, termed it a major milestone for GIFT IFSC in onshoring the offshore financial services for Indian institutions. “The primary listing of HDFC AT 1 Bonds demonstrates the competitiveness of both the IFSC Exchanges; India INX and NSE IFSC internationally,” he said.

IFSCA envisions that the recently notified regulations on issuance and listing of securities will enable more financial instruments to be listed and traded in this jurisdiction, added Kumar.

India INX's primary market platform, Global Securities Market (GSM), has over $55 billion medium term notes (MTN) established since its establishment in 2018. Also, it has over $28 billion worth of bond listings till date, a statement said.

Commenting on the listing, V. Balasubramaniam, MD and CEO, INDIA INX, said, “We along with our regulator IFSCA have an endeavour to provide the issuers with a comprehensive and seamless issuance and listing process at par with best global practices and hope to on board more and more issuers on our platform in the near future.”

Published on August 27, 2021

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