HDFC Bank on Thursday became the first Indian lender to list its $1 billion foreign currency additional tier-I (AI-1) bonds, priced at 3.7%, on the International Financial Services Centre (IFSC) of the Gujarat International Finance Tec-City (GIFT).
Global Securities Market, the primary market platform of India INX, has received significant interest since it was established in 2018 and has over $55 billion medium term notes and over $28 billion of bond listings till date.
“We, along with our regulator IFSCA, have an endeavour to provide 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,” INDIA INX managing director and chief executive officer V Balasubramaniam said.
India INX, BSE’s international arm, started trading activities on January 16, 2017, and is India’s first international exchange set up at the GIFT IFSC. The average daily turnover in July was at $14.97 billion, with 84 % market share among the exchanges at IFSC.
“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,” said Manoj Kumar, executive director, IFSCA.
{{/usCountry}}“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,” said Manoj Kumar, executive director, IFSCA.
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