NTPC Re20 billion 'green masala bond' issue

Overview:

• NTPC, India's largest power utility company, has undertaken a Re20 billion green 'masala' bond issue.
• This is the first Indian masala bond issue linked to "green" projects and first masala bond issued by a quasi-sovereign issuer.
• The bond is dual listed on the London and Singapore Stock Exchanges.
• The issuance was Rupee-denominated but settled in US dollars.
• NTPC will invest the proceeds in the renewable energy market as it seeks to add more wind and solar power projects.
• Axis Bank (Singapore Branch), HSBC, MUFG, and Standard Chartered Bank acted as lead managers.
• Cyril Amarchand Mangalds (Niloufer Lam) advised NTPC.
• Allen & Overy (Amit Singh, Peter Crossan) advised the lead managers.

Wai Yee Tsang - Journalist - Asia-Pacific