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					</table><p><a href="https://ind01.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.hdfcbank.com%2F&amp;data=05%7C01%7CAmit.Choudhary%40hdfcbank.com%7C49ca3cade3fb4a8032e708dbcb061511%7C827fd02205a64e57be9ccc069b6ae62d%7C0%7C0%7C638326999209325153%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=xxIia5anxb8s7V0fxBU6n%2FlXUTDr5htarCC3kO73BAY%3D&amp;reserved=0" target="_blank" rel="noopener">HDFC Bank</a> has raised $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans.</p>
<p>The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds.</p>
<p>The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.</p>
<p>The bonds will be listed on the Indian International Stock Exchange (India NIX) in GIFT International Financial Services Centre (IFSC).</p>
<p>“&#8217;The funds raised through the sustainable finance bonds will be prioritized for lending towards electric vehicles, Small and Medium Enterprises, and affordable housing. We are strongly committed to building a green and social portfolio even as we continue adhering to the Bank’s risk philosophy,” said Arup Rakshit, group head of treasury at HDFC.</p>
<p>The bank had mandated <a href="https://home.barclays/" target="_blank" rel="noopener">Barclays</a>, <a href="https://business.bofa.com/content/boaml/en_us/home.html" target="_blank" rel="noopener">BofA Securities</a>,<a href="https://www.jpmorgan.com/" target="_blank" rel="noopener"> J.P. Morgan</a>, <a href="https://www.mufg.jp/english/index.html" target="_blank" rel="noopener">MUFG</a>, and <a href="https://www.sc.com/in/" target="_blank" rel="noopener">Standard Chartered Bank</a> as joint global coordinators and lead managers.</p>
<p>HDFC Bank claims these are the tightest credit spreads achieved by an Indian issuer for a three-year sustainable bond and five-year senior unsecured bond for a similar size of U.S. dollar Regulation S issuance.</p>
<p>In December 2022, HDFC <a href="https://www.mercomindia.com/ifc-extends-and-homefirst-to-promote-green-affordable-housing" target="_blank" rel="noopener">received</a> a loan of $400 million from the International Finance Corporation to improve climate-smart, affordable, and green housing in India. The funding was to help HDFC focus on its green affordable housing portfolio, with 75% ($300 million) of the proceeds earmarked for the sector. It also subscribed to India’s maiden issue of sovereign green bonds in the same year.</p>
<p>Last August, ICICI Bank <a href="https://www.mercomindia.com/icici-bank-lends-financing-portfolio-in-fiscal-2023" target="_blank" rel="noopener">offered</a> loans amounting to $6.7 billion to sustainability and renewable energy sectors, including EVs and green-certified real estate, for fiscal year 2023.</p>


HDFC Bank Raises $300 Million via Bond Issue to Fund Green Loans

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