Search

Home » CleanTech/ Renewable Energy » IDBI Bank gains after raising $350 million from issue of Green Bonds

IDBI Bank gains after raising $350 million from issue of Green Bonds

According to reports, IDBI Bank had launched a US dollar denominated Green Bond issue having a size of $350 million and tenure of 5 years on 23 November 2015. The issue received an overwhelming response from investors and was subscribed by 3 times. The issue was made under the $5 billion medium term note (MTN) programme listed on the Singapore Stock Exchange. The issue had an initial price guidance of 270 basis points (bps) above 5 year treasury yield. Final issue price stood at 255 basis points above the 5 year treasury yield, with price tightening by 15 bps from the initial price guidance. After the issue final coupon rate was 4.25% at fixed rate.

IDBI Bank has become the first PSU bank to raise $350 million by selling Green Bonds, where proceeds are used for refinancing of clean energy projects in India assisted by IDBI Bank.

Green bonds are debt instruments where the money raised is used for funding renewable energy projects.

 

Comments are closed.

Scroll To Top