By Lisa Kerner
Charlotte, N.C., Feb. 25 – Yes Bank Ltd. issued India’s first green infrastructure bond to raise Rs. 10 billion.
The issue, which launched on Feb. 16 for Rs. 5 billion and included a Rs. 5 billion greenshoe option, received strong demand from investors, according to a news release.
The bonds have a 10-year maturity.
Proceeds will be used to fund solar power, wind power, biomass and small hydel projects.
The offer closed on Feb. 24.
Purchasers include pension and provident funds, foreign portfolio investors and new pension schemes and mutual funds.
Yes Bank’s Sustainable Investment Banking and Debt Capital Markets team acted as arrangers.
Green bond issues totaled about $35 billion worldwide in 2014, while the issuance in India is still nonexistent, the release stated. Yes Bank’s bond issue is expected to catalyze the market for green infrastructure bonds in India and allow responsible investors to facilitate funding toward renewable and clean energy projects.
The private sector bank has headquarters in Mumbai.
| Issuer: | Yes Bank Ltd.
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| Issue: | Green Infrastructure Bond
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| Amount: | Rs. 10 billion
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| Maturity: | 10 years
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| Announced: | Feb. 16
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| Ended: | Feb. 24
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| Purchasers: | Pension and provident funds, foreign portfolio investors and new pension schemes and mutual funds
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| Arrangers: | Yes Bank’s Sustainable Investment Banking and Debt Capital Markets team
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