Indian Railways Finance Corporation has issued its inaugural green bond on behalf of Indian Railways — the world’s fourth largest rail network.
The US$500 million Climate Bonds Certified issuance will fund a series of low-carbon upgrades to Indian Railways’ infrastructure. The 10-year Green Fixed Rate Senior Unsecured Reg S only issuance stands as the first certified green bond by IRFC and the tightest spread over US Treasury achieved for any Indian issuer for a 10-year Reg S only transaction over the last decade.
Standard Chartered Bank, Barclays PLC, and SBI Capital Markets served as joint lead managers and joint bookrunners on the deal.
S.K. Pattanayak, managing director at IRFC, said: “The interest our green issuance has elicited, especially (on the) London (Stock Exchange), is very encouraging. And, we intend to tap this market with repeat green issuances. Read More…
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