Key Points
India's National Bank for Agriculture and Rural Development (NABARD) concluded the country's first social impact bond issue, but raised less than it could have due to higher costs for the issuer, three bankers said on Tuesday...
NABARD accepted bids worth 10.40 billion rupees ($124.9 million), the bankers said, declining to be identified as they are not authorised to speak to the media...
NABARD had planned to raise at least 10 billion rupees via this issue, with a greenshoe option to retain an additional 20 billion rupees..
While the financier received bids worth around 86 billion rupees, it chose to retain only around the base size due to the higher coupon demanded, an official from NABARD said, requesting anonymity as he is not authorised to speak to media...
"In India, investors do not have a mandate to invest in ESG, social or green bond," a fixed income head of a life insurance company said, requesting anonymity as he is not authorised to speak to media...
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