Exim Bank of India lists $1 bn bond on AFRINEX
Chennai, Oct 27: Export-Import Bank of India (India Exim Bank) on Wednesday said it has listed its USD 1 billion 10-year bond on AFRINEX.
In a statement the bank said the listing was done virtually, during the launching ceremony of AFRINEX on October 25.
Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K. Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX.
The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance.
This issue was 3.5 times oversubscribed by several high-quality investors.
The Bank, which has a substantially dollarised balance sheet, is one of the largest Indian issuers of long-term debt in the international debt capital markets and its paper is treated as quasi-sovereign.
The funds thus raised have been used by the Bank to support Indian project exports, overseas investments by way of long-term credit and its export lines of credit portfolio.
Congratulating AFRINEX, Jugnauth said after about 30 years the country is having another Securities Exchange. AFRINEX will certainly contribute to further establish Mauritius among the newly developed emerging capital markets of the region.
"Today is a momentous occasion marking the launch of AFRINEX. It is also a proud moment for us at India Exim Bank to list our USD 1 billion Exim 2031 bond as the inaugural listing on AFRINEX. The AFRINEX will serve as a gateway for broadening the investor base of issuers in the African continent, along with that of the world," Bangari said.
AFRINEX is an initiative by the Government of Mauritius to set up a pan-Africa Exchange and become an International Financial Centre.
The initiative is supported by the Government of India and BSE Technologies Ltd. is the technology and skill partner of the exchange. The objective of AFRINEX is to offer a primary market platform and efficient price discovery at an optimal cost.