India Exim Bank lists $1billion bond on new Mauritius-based exchange

Export-Import Bank of India (India Exim Bank) has listed its USD 1 billion 10-year bond on AFRINEX, the new Mauritius-based exchange.

In a statement the bank said the listing was done virtually, during the launching ceremony on October 25.

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.

Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K. Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX.

The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance. This issue was 3.5 times oversubscribed by several high-quality investors.

The Bank, which has a substantially dollarised 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.