India Exim Bank listed its USD 1 billion 10-year bond on AFRINEX at a virtual listing, during the Launching Ceremony of AFRINEXon October 25, 2021.Hon’ble Mr. Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius, and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India,rang the digital bell on AFRINEX, thus, celebratingthe launch of AFRINEX with its inaugural listing of India Exim Bank’s USD 1 billion 10-year Bond.
[Photo Caption:Hon’ble Mr. Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius; Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius; and Ms. Harsha Bangari, Managing Director, Export-Import Bank of India (on screen)]
India Exim Bank’s USD 1 billion 10-year Bond, issued in January 2021, was the fourth transaction of the Bank in the 144A/Reg S format. The transaction at a coupon of 2.25% p.a. marked a record low for any Indian issuer for a 10-year USD issuance. This issue was 3.5 times oversubscribed by several high-quality investors. The Bank, which has a substantially dollarized 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. This listing is India Exim Bank’s maiden foreign currency bond bell ringing on AFRINEX. India Exim Bank’s bonds are also listed on Singapore Exchange Securities Trading Limited (SGX-ST), London Stock Exchange’s International Securities Market (LSE-ISM), and India International Exchange (IFSC) Limited (India INX).
Congratulating AFRINEX the Hon’ble Prime Minister mentioned, “It is with a deep sense of satisfaction and pride that I join you all this morning for the launch of AFRINEX. We are having another Securities Exchange after almost 30 years, this testifies that our capital market is expanding and deepening while assuming a larger role in the development and integration of the regional capital market. AFRINEX will certainly contribute to further establish Mauritius among the newly developed emerging capital markets of the region.”
Commenting on the successful launch and the listing, Her Excellency Mrs. K. Nandini Singla, High Commissioner of India to Mauritius, said “As a Pan-African Exchange based out of Mauritius, AFRINEX can be a game changer not only for Mauritius but also Africa and beyond. An International Financial Centre of tomorrow will no longer be about physical infrastructure, but more about offering a transaction platform that seamlessly capture global financial transactions in investment and trade. The launch of AFRINEX opens the door to the possibility of deeper financial and economic engagement between Mauritius and India.”
Speaking on the occasion, Ms. Krishna Gangopadhyay, CEO & MD AFRINEX mentioned “We welcome Exim Bank of India as our first issuer on Securities Official List. It offers testimony to the flexibility and agility of our listing platform Securities Official List, and also comfort that sovereign issuers draw from the transparency and robustness of our rules.”
Ms. Harsha Bangari, Managing Director, India Exim Bank, said “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”
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.
India Exim Bank, set up in 1982, aims to promote India’s international trade and investment. The Bank offers Indian companies a comprehensive range of products and services, supported by analysis and research, with a view to enhancing their international competitiveness. The Bank actively supports Indian exporting companies, especially medium-sized enterprises, in their globalisation efforts through a variety of lending programmes.
For further information, please contact
Mr. Tarun Sharma
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21
World Trade Centre Complex