HDFC Bank lists $1 billion additional AT-1 bonds on IFSC exchanges

“The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges –India INX and NSE IFSC internationally,” Manoj Kumar, Executive Director at IFSCA said.

On Thursday, India’s private sector lender HDFC Bank registered its USD 1 billion additional tier- I (AT-1) bonds on the IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT).

“The primary listing of HDFC AT 1 bond demonstrates the competitiveness of both the IFSC exchanges –India INX and NSE IFSC internationally,” Manoj Kumar, Executive Director at IFSCA said.

He believe that “This is a major milestone for GIFT IFSC in onshoring offshore financial services for Indian entities.” IFSCA suggests that the just issued regulations on listing of securities will build in more and more financial instruments that can be both listed and traded and listed in the specific jurisdiction.

“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 onboard more and more issuers on our platform in the near future,” V Balasubramaniam, Managing Director, and Chief Executive Officer at India INX, quoted in an official note.

USD 55 billion Medium-term notes and bonds of USD 28 billion have been identified on this space till now. Nevertheless, the lender also received a final pricing of around 3.7 per cent on each coupon in opposite of the initial behest of 4.125 per cent.

Source Business Standard
Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time