Sael raises $305 m via green bond issue overseas
Notable because
This green bond is unique in that it is the first Indian issuance comprising waste-to-energy assets in the restricted group. The 7.80% pricing comes at a time when USD rates, while slightly lower than the highs seen in recent months, continue to remain at elevated levels. The investor distribution, with Asian accounts comprising 61% of the capital raised, is broadly in line with that seen in past international green bond issuances in India.
What to look out for in the months ahead
Will this foray by SAEL into international debt capital markets herald increased activity in international markets by Indian issuers? More importantly, will it open the door to more issuances in the waste-to-energy segment, which has the potential to contribute significantly to sustainable economic growth in India?