Primary Listing of HDFC Bank’s USD 1 Billion Additional Tier 1 Notes

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NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange of India Ltd (NSE) has listed HDFC Bank’s Additional Tier 1 (AT1) Notes on its Debt Securities Market platform. HDFC Bank’s USD 1 billion, Basel III compliant AT1 notes were priced at 3.70 per cent, 42.5 bps lower than the initial price guidance. The issuance has been given a provisional rating of Ba3 by Moody’s Rating Services.


Since the launch of NSE IFSC Debt Securities Market (DSM), the platform has listed total aggregate Medium-Term Note (MTNs) worth over USD 22 billion also witnessed listing of issues aggregate to ~USD 13.12 billion (including ~USD 800 million Green Bond). NSE IFSC Ltd launched Debt Securities Market for listing and trading of debt securities in multiple foreign currency bonds, green bonds, masala bonds, notes, etc. on March 16, 2018. Debt Securities Market platform provides an efficient international listing process to issuers with minimum turnaround time and investment opportunities for investors from across the world.


Mr. Manoj Kumar, Executive Director, IFSCA said: “The primary listing of HDFC AT-1 bonds demonstrates the competitiveness of both the IFSC exchanges; NSE IFSC & India INX internationally. This is a major milestone for GIFT-IFSC in onshoring the offshore financial services for Indian entities. IFSCA envisions the recently notified regulations on issuance and listing of securities will enable more financial instruments to be listed and traded in this jurisdiction.”


Mr. Ashish Parthasarthy, Treasurer, HDFC Bank said: “Being able to raise AT1 bonds at 3.7 % is a vote of
confidence from investors in brand HDFC Bank and its prudent and robust business model. We believe that
this will pave the way for other Indian players looking to raise AT1 bonds in the overseas markets. We are
also happy to list the bonds in both the IFSC exchanges.”

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Mr. Ravi Varanasi, President, NSE Group said: “We congratulate HDFC Bank on listing of their USD 1 Billion AT1 Notes on NSE IFSC.  We are glad that with ease of listing process and simplified listing framework, NSE IFSC is consistently becoming the preferred platform for issuers. This listing is a great opportunity for Indian issuers going overseas, to attract international investors in their home country and experience the world class financial infrastructure that has been created at the NSE IFSC.”