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India's Axis Bank issues USD 500m of green bond

Axis Bank Ltd of India last week issued, through a unit based in Dubai, a USD-500-million (EUR 449m) green bond maturing in 2021.The proceeds will go to finance and refinance “high quality green assets”, including wind, solar, low carbon buildings and low carbon transport, the Climate Bonds Initiative (CBI) said.

The senior unsecured notes bear an interest of 2.875% per year. The bank said there was significant interest in the issuance, which was more than two times oversubscribed. About 48% was sold to Asian investors, 25% in Europe, 11% in the Middle East and 16% to investors in the USA.

The deal was launched at initial price thoughts at T + 175 bps but the final pricing was 15 bps tighter at T + 160 bps. The bank says this is the tightest issue by an Indian bank since the global financial crisis.

 

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