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SBI lists $100 million green bond issue on India INX

New Delhi: India’s biggest lender State Bank of India (SBI) indexed Green Bonds of $100 million below its $10 billion Global Medium Term Note Programme on India INX’s Global Securities Market Green Platform (GSM). The bond factor has been priced after adding 80 basis issues over three-month London-Interbank Offered Rate (Libor) and is rated BBB- by Fitch.

“It is an especially necessary transaction for the country, particularly on this crucial situation. We believe this issuance will reassure confidence within the country’s strength within the global bond marketplace,” Rajnish Kumar, SBI Chairman said in a observation.

The proceeds will likely be used to fund the non-conventional power sector. This is the 3rd set of green bonds the government-backed bank introduced, an individual conversant in the topic told ET.

Since the launch of worldwide securities marketplace, it's been the leading listing platform for bonds at GIFT IFSC. “We welcome State Bank of India’s green bond issuance on our Global Securities Market Green Platform as it's been completed in very challenging occasions. With a dedicated Green platform, issuers, investors and traders will find it more convenient to list and business green, social and sustainable bonds, said V Balasubramaniam, MD and CEO, India INX.

SBI had earlier additionally indexed its maiden Green Bond issuance of $650 million on India INX. “SBI has adopted the green bond framework with an objective to create a positive impact on the atmosphere and this transaction is yet every other step as a part of our sustainability adventure,” said Kumar.

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