Asian Development Bank Lists Rs 850 Crore Masala Bonds On India INX
Asian Development Bank has listed its 10-year masala bonds worth Rs 850 crore on the global debt listing platform of India INX.
The proceeds would be used to support local currency lending and investment in India, the Bombay Stock Exchange-owned exchange said in a release on Tuesday. India INX is the country's first international exchange, located at International Financial Services Centre, GIFT City in Gujarat.
ADB's masala bonds are listed on both Luxembourg exchange and India INX. "This is the first time a foreign issuer and a supranational is doing a primary listing with India INX and we are excited to welcome ADB as a marquee issuer on our platform. This will help further in making GIFT IFSC a global hub for fundraising by Indian and Foreign issuers," India INX Managing Director and Chief Executive Officer V Balasubramaniam said.
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ADB Treasurer Pierre Van Peteghem said "the listing rules and processes at India INX are modelled on global standards making time to market fast and efficient." ADB's bonds were distributed to investors in the Americas (21 percent) and Europe (79 percent) with 28 percent placed with banks and 72 percent with fund managers, India INX said.
Since the launch of the bourse's global debt listing platform, medium-term notes worth $48 billion and bonds worth over $21 billion have been listed so far, according to the release.