Indian Railway Finance Corporation (IRFC) Issues USD 500 Million Green Bond On London Stock Exchange’s ISM

Indian Railway Finance Corporation (IRFC) Issues USD 500 Million Green Bond On London Stock Exchange’s ISM

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Date of Post: 07 Dec, 2017

New Delhi: The Indian Railway Finance Corporation’s (IRFC) has issued a USD 500 million green bond with a yield of 3.835% on Wednesday which is listed on the London Stock Exchange’s new International Securities Market (ISM). The London Stock Exchange said that the 10 year dated bond was more than 3 times oversubscribed & has received strong international investor support.

More Information:

  • IRFC will use the proceeds of the bond to finance or refinance infrastructure for dedicated freight railway lines & public passenger transport.
  • SK Pattanayak, Managing Director, Indian Railway Finance Corporation (IRFC) present in London said,“Our debut green bond is a significant milestone for IRFC, supporting the company’s ambitious infrastructure green projects, which includes procurement of rolling stocks electrifying rail tracks across India.”
  • The green bond is certified by Climate Bonds Initiative which helps build robust & transparent assurance frameworks around green bond investment.
  • Sean Kidney, CEO of Climate Bonds Initiative, said,“The Indian Railways is the third state-backed entity to seek global exposure by issuing a certified green bond and listing in London. This IRFC green bond and the previous issuance from IREDA and PFC are a sign of the enormous market opportunities for international investors in green energy, transport and infrastructure to meet India’s intertwined climate, energy and development goals.”
  • This is the 6th green bond transaction on the London Stock Exchange by an Indian issuer & 4th on London Stock Exchange’s new International Securities Market (ISM).
  • Nikhil Rathi, CEO, London Stock Exchange plc, said,“Today’s green bond listing is a significant milestone for India and IRFC, allowing the country to further tap a dynamic new international channel of finance for Indian infrastructure. In particular, we are honoured to support the financing of the Indian Railways, the heartbeat of the Indian economy.”

Along with Pattanayak, Niraj Kumar, Director of Finance, IRFC & Dinesh K Patnaik, Deputy Indian HC to the UK joined Nikhil Rathi, CEO of London Stock Exchange plc, to open London trading and celebrate the green bond listing.

Image Credit: British High Commission New Delhi

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