December 27, 2017 - Ahmedabad, India : BSE’s India International Exchange (“India INX”) has welcomed YES Bank Limited, as the first to establish a Medium Term Notes (“MTN”) Programme on its Global Securities Market (“GSM”), India’s first capital raising platform for international investors in any currency, located at the Gujarat International Finance Tec City (“GIFT City”) IFSC.
Global Securities Market went live on December 08, 2017 after receiving approval from Securities and Exchange Board of India and publication of debt listing framework by India INX. It is the latest addition to India INX’s existing derivatives platform which offers a single derivatives segment to trade across asset class, viz.; currency, commodity, equity and index derivatives. India INX’s derivative segment has done a cumulative trading turnover of more than USD 10 Billion till date, with daily trading value crossing USD 300 million recently.
YES BANK’s USD 1 Billion MTN Programme marks a major milestone in India’s IFSC mission at the GIFT City and is also YES BANK’s 1st MTN Programme.
Raising of funds from global investors through IFSC has been long discussed in India and is aligned to Hon’ble Prime Minister of India, Shri Narendra Modi’s vision that he laid out during inauguration of India INX i.e. to make financial markets at IFSC competitive with global IFCs.
YES BANK has continued its leadership at GIFT City IFSC as the 1st IBU to have started operations in October 2015. YES BANK’s IBU is also the largest at the GIFT City with a book size of over USD 1.4 Billion as of September 30, 2017.
Mr. V. Bala, MD and CEO, India INX said –
“We are delighted to have the first primary listing at India INX and extend a warm welcome to YES BANK on establishing its USD 1 Billion Medium Term Note programme with us. YES BANK has been the 1st IFSC Banking Unit to set up at GIFT City and India INX, the first International Exchange to kick start operations in GIFT City. Thus, this establishment of the YES BANK MTN program is an amalgam of both first’s at GIFT IFSC and earmarks a pioneering effort on both sides. Our endeavour is to offer a transparent, robust, cost effective and efficient capital raising platform from global investors to Indian and regional issuers in any currency of choice. International bonds are the first step in this direction. We also plan to eventually offer platform to raise other forms of capital through India INX” including depository receipts.”
Mr. Rana Kapoor, MD&CEO, YES BANK said –
“YES BANK is pleased to become the 1st to establish a MTN Programme on the India INX at the GIFT City IFSC and build on our success as the 1st IBU to start operations in the GIFT City. India INX has established itself as a state-of-the-art platform offering enhanced ease of doing business along with robust, transparent regulatory environment on-par with global markets. The Global Securities Market platform will further India’s credentials as an attractive destination for global investors allowing issuers to attract a larger pool of investors.”
Please note that, in line with YES BANK’s intimation to Stock Exchanges on December 23, 2017, establishment of MTN Programme is only an enabling step and presently, no instruments are being issued by the Bank.
About India INX
India INX, a wholly-owned subsidiary of BSE Ltd, commenced its trading activities on January 16, 2017 and is India’s first International Exchange set up at GIFT City. It is one of the world’s most advanced technology platforms with a response time of 4 micro seconds and operates for 22 hours a day to allow international investors to trade from anywhere across the globe. The exchange provides a common platform for all asset classes - equities, currencies, commodities. The exchange also offers a primary market platform for debt securities and proposes to offer additional fund raising facilities like depository receipts once the required infrastructure is in place.
India INX offers a diversified portfolio of products and technology services at a cost which is far more competitive to Indian exchanges as well as other global exchanges like those in Hong Kong Singapore, Dubai, London and New York. The exchange being located in IFSC, GIFT City, provides competitive advantage in terms of tax structure and supportive regulatory framework. These include benefits in security transaction tax, commodity transaction tax, dividend distribution tax and long-term capital gain tax waivers and no income tax.
For further information, please contact:
Rahul Vyas/Yatin Padia
Ph.: 022 22728472/022 22728516
Name: Minakshi Mishra/ Amruta Joshi
Ph: 9833320866/ 9833817545
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/