State Bank of India (SBI) on Friday listed its $300 million Formosa bonds on India International Exchange IFSC (India INX). India’s largest commercial bank, on January 13, 2022, said it had raised $300 million of “Regulation S” Formosa bonds at a coupon rate of 2.49 per cent.

A Formosa bond is a bond issued in Taiwan but denominated in a currency other than the New Taiwan Dollar.

In November 2021, SBI had dual listed $650 Million green bonds on India INX and Luxembourg Stock Exchange

V. Balasubramaniam, MD and CEO, India INX said, “We are delighted to be the first Exchange in IFSC to list Formosa Bonds issued by SBI…

“With this, our total bond listings are now over USD 34.5 plus billion with the total medium term notes established to the tune of USD 58 plus billion, making our Exchange the platform of choice for issuers of foreign currency bonds.”

Ashwini Kumar Tewari, Managing Director, SBI said “This is a proud moment for SBI as we mark today’s ceremony for listing of our first dollar denominated Formosa issuance on the India INX platform.

“This issuance was at the tightest spread ever for a 5-year public issuance by an Indian financial institution, which demonstrates the strong investor base SBI has created for itself in the offshore capital markets allowing it to venture in to new markets.”