InvestorQ : Can you tell me about HDFC Bank listing its bonds on IFSC in Gift City?
indhumathi Sayani made post

Can you tell me about HDFC Bank listing its bonds on IFSC in Gift City?

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4 months ago
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That is correct. This pertains to the recent international issue of AT1 Bonds or additional Tier1 bonds issued by HDFC Bank. The banks has recently listed its 3.7% AT1 bonds at the IFSC in the GIFT City, located in Gujarat. This is special for India as the AT1 bonds are the first dollar denominated bonds to be listed on-shore rather than an offshore listing. HDFC Bank had raised these AT1 bonds to boost to its Tier-1 capital base.

This was listed in the INX platform of IFSC. Since its establishment in 2018, the India INX platform has nearly $55 billion of medium term notes established and close to $28 billion of bond listings already on the exchange. HDFC had raised these fund at 3.7% coupon, which is substantially lower than the initial guidance of 4.125%. The IFSC has the advantage that it provides the issuers a seamless issuance and listing process flow.

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