The State Bank of India (SBI) issued $650 million in green bonds on the India International Exchange (India INX) and the Luxembourg Stock Exchange(LuxSE) on November 22.
The dual listing, which coincided with World Investor Week, fit this year's subject of "Sustainable Finance," according to the governing agency, the International Financial Services Centres Authority (IFSCA).
On November 19, 2020, India INX, the international arm of the Bombay Stock Exchange (BSE), inked an MoU with the Luxembourg Stock Exchange for financial services cooperation. This joint listing of green bonds is the first move in that direction.
"With this dual listing, we have taken the first step towards our cooperation with Luxembourg Stock Exchange (LuxSE) with a common purpose of deeply benefiting investors and issuers at large," Shri V. Balasubramaniam, MD and CEO, India INX, stated of the event and subsequent listing.
On this unique World Investor Week occasion, we're focused on the theme of Sustainable Finance, and SBI's listing of Green Bonds is a significant step toward that goal. We will endeavour to develop a green corridor with Luxembourg, allowing Indian issuers to immediately qualify for dual listing on the LuxSE, allowing them to attract investors from Europe and around the world. India INX has now established itself as the market leader.
GSM Green, a platform for capital raising and trading in green, social, and sustainable bonds, was launched by India INX in 2019. The India INX platform was created in accordance with the ICMA's Green Bond Principles and Climate Bonds Initiative, making it an attractive investment platform for international investors.
The GSM platform has established as the preferred venue for listing international issuances. Global Securities Market has established USD 58 billion in MTN programmes and USD 33 billion in bond issuances to date, with USD 4.3 billion in issuances published on the GSM Green platform.