State Bank of India lists their maiden issue of USD 300 million Formosa bonds on India INX

In a first, SBI, India’s largest bank issued USD 300 Million Formosa bonds and listed this issuance in India INX GIFT IFSC. This is the first such issuance by any Indian Bank in Formosa Bond market.

Commenting on the listing, Mr. V. Balasubramaniam, MD and CEO, INDIA INX said, “We are delighted to be the first Exchange in IFSC to list Formosa Bonds issued by SBI, we thank SBI team for continually reposing this trust on our platform and congratulate them on their success. SBI was the first issuer whose Green bonds were dually listed in November 2021 on Luxembourg Stock Exchange through a MOU that has been entered into by both Exchanges. With this, our total bond listings are now over USD 34.5 + Billion with the total medium term notes established to the tune of USD 58+ Bn, making our Exchange the platform of choice for issuers of foreign currency bonds.”

Commenting on the listing Shri Ashwini Kumar Tewari, Managing Director, SBI said “This is a proud moment for SBI as we mark today’s ceremony for listing of our first dollar denominated Formosa issuance on the India INX platform. This issuance was at the tightest spread ever for a 5-year public issuance by an Indian financial institution, which demonstrates the strong investor base SBI has created for itself in the offshore capital markets allowing it to venture in to new markets.”

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.