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Green Masala bond listing spices up SGX

SINGAPORE Exchange on Wednesday welcomed the latest "Masala" - or rupee denominated - green bond listing by the Indian Renewable Energy Development Agency (IREDA).

IREDA raised 19.5 billion rupees, or S$405.43 million, through a five-year green rupee-denominated bond, offering an annualised coupon of 7.125 per cent.

According to the Singapore Exchange (SGX), with the new listing, 75 per cent of listed Masala bonds by Indian issuers are now listed on the bourse.

More than 80 per cent of listed offshore bonds by Indian issuers are now listed on the SGX, raising US$66 billion.

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Tng Kwee Lian, head of SGX's debt capital markets, welcomed IREDA's debut Green Masala bond, and said the bourse was "encouraged by the strong investor interest it received particularly within Asia".

"We look forward to continue supporting IREDA's capital raising initiatives in the bond market, which has offered investors an opportunity to participate in the fast growing Indian renewable energy market," she said.

Said Kuljit Singh Popli, chairman and managing director at IREDA:"The Green Masala Bond is a significant milestone for IREDA in this regard, as we embark on the next phase of renewable and sustainable energy led expansion."

He added that the "overwhelming response" to the issue was "testament to the confidence of global investors in IREDA and the Indian renewable sector in general".