HDFC Bank, Indias leading private bank becomes first Indian Bank to exclusively list USD 1 Billion AT1 dollar bonds in IFSC
In a first, HDFC Bank, India’s leading Private Bank, listed their 3.7% USD 1 Billion foreign currency AT1 bonds exclusively in GIFT IFSC today. GSM, the primary market platform of India INX, has evoked significant interest since its establishment in 2018 and has more than USD 55+ Bn medium term notes established and over USD 28+ Bn of bond listings till date.
Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We take immense pride in welcoming HDFC Bank on India INX on their exclusive listing of AT1 Bonds on India’s own IFSC. We thank HDFC Bank for reposing this trust on our platform and congratulate them on their success. 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”
Commenting on the listing, Mr. Manoj Kumar, Executive Director , IFSCA said “The primary listing of HDFC AT 1 Bonds demonstrates the competitiveness of both the IFSC Exchanges; India INX and NSE IFSC internationally. This is a major milestone for GIFT IFSC in onshoring the offshore financial services for Indian entities. 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”
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.