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ADB raises Rs 3 bn through rupee-linked bonds

Press Trust of India  |  New Delhi 

The Asian Development today said it has raised 3 billion Indian rupees (INR) from a new issue of offshore rupee-linked bonds to help climate change mitigation and adaptation projects in

The bond issue carries a 6.00 per cent with a 3.75-year maturity, falling due in February 2021, the multilateral lending said in a statement.

It further said that the bonds, which are denominated in Indian rupees but settled in US dollars, were underwritten by JP Morgan and TD Securities as Joint Lead Managers.

"The bonds were placed 9 per cent in Asia, 70 per cent in Europe, and 21 per cent in the Americas. By investor type, 48 per cent of the bonds were placed with banks, and 52 per cent with fund managers," the statement said.

According to statement, proceeds from the bonds will be mobilised into ADB's first cofinancing with the JICA LEAP Fund for the ReNew Clean Energy Project, a wind and solar power project across six states in

The statement said ADB plans to raise up to USD 30 billion from the capital markets in 2017.

is ADB's fourth largest shareholder and its largest borrower, excluding cofinancing.

In 2016, ADB approved USD 2.26 billion in sovereign loans and USD 795 million in private sector projects in India, its largest market.

ADB, based in Manila is owned by 67 members-48 from the region.

In 2016, ADB assistance totalled USD 31.7 billion, including USD 14 billion in cofinancing, the statement said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 22:22 IST