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SBI dual lists $ 650 million green bonds on India INX and Luxembourg Stock Exchange

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The State Bank of India, the country’s largest commercial bank, on Monday listed its $ 650 million green bonds simultaneously on the India International Exchange (India INX) and the Luxembourg Stock Exchange (LuxSE). This dual listing is in line with this year’s theme of Global Investor Week, Sustainable Finance, as stated by the regulator Authority of International Financial Services Centers (IFSCA).

India INX, which is the international arm of BSE, announced on Friday its memorandum of understanding with the Luxembourg Stock Exchange for cooperation in the financial services sector, the maintenance of orderly markets in the respective countries, ESG (environment, social and governance) and green finance in the local market. This dual listing of green bonds is the first step towards this collaborative effort.

Commenting on the dual listing, V Balasubramaniam, MD and CEO of India INX, said: With this dual listing we have taken the first step towards our association with LuxSE with the common goal of deeply benefiting investors and issuers in general. On this special occasion of World Investor Week, we are focusing on the theme of sustainable finance and this rating of green bonds by SBI is a very important step towards this goal.

Automatic qualification

He said India INX will work to establish a green corridor with Luxembourg to allow Indian issuers to automatically qualify for dual listing with LuxSE in order to attract investors from Europe and around the world. India INX has now become the premier bond listing site with over $ 33 billion listed, he added.

Manoj Kumar, Executive Director of IFSCA, said: “The dual listing of SBI bonds is an important step for the IFSCA in demonstrating regulatory convergence with the main international markets of Luxembourg, which has the highest ratings in Luxembourg. ‘green bonds to the world. This will pave the way for Indian and European issuers to explore the IFSC as a hub for green and sustainable bond issuance. On the occasion of World Investor Week, on the theme of sustainable finance, the double listing will also strengthen the confidence of international investors in sustainable products listed on the IFSC.

Ashwini Kumar Tewari, managing director of SBI, said the State Bank has so far raised $ 800 million in the green bond market. Listing green bonds with LuxSE will open up new avenues for market development and fundraising opportunities in the green bond space.

Tewari pointed out that SBI was the first public sector bank in India to publish its sustainability report under the framework of the Global Reporting Initiative (GRI). In 2019, India INX unveiled GSM Green, an exclusively green, social and sustainable bond fundraising and trading platform. The platform is established in accordance with the Green Bond Principles and ICMA’s Climate Bond Initiative, which is an ideal platform for global investors.

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