HDFC Bank raises $300 mn in debut sustainable bond for EV, Green Loans

12 Feb 2024 CW Team

HDFC Bank has successfully raised $300 million in its inaugural sustainable bond issuance, earmarking the proceeds for the financing of electric vehicles and green loans. The three-year bond, carrying a spread of 95 basis points over the US treasury, is part of a broader initiative to secure $750 million through Regulation S bonds.

The bank specified that the remaining $450 million has been acquired for a five-year term with a spread exceeding 108 basis points over the US Treasury. These bonds are set to be listed on the Indian International Stock Exchange (India NIX) within the GIFT International Financial Services Centre (IFSC).

Arup Rakshit, the group head of treasury at HDFC, emphasised, "The funds raised through the sustainable finance bonds will be prioritised 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."

HDFC Bank enlisted the support of Barclays, BofA Securities, JP Morgan, MUFG, and Standard Chartered Bank as joint global coordinators and lead managers for this initiative. Notably, the bank asserts that these represent the most competitive credit spreads achieved by an Indian issuer for a three-year sustainable bond and a five-year senior unsecured bond of comparable size within the US dollar Regulation S issuance.

This development follows HDFC's receipt of a $400 million loan from the International Finance Corporation in December 2022, aimed at enhancing climate-smart, affordable, and green housing initiatives in India. Additionally, HDFC subscribed to India's inaugural sovereign green bonds issue during the same year.

In a parallel effort, last August, ICICI Bank extended loans totalling $6.7 billion to support sustainability and renewable energy sectors, encompassing electric vehicles and green-certified real estate, for the fiscal year 2023.

Infrastructure Urban

26 Aug 2025

REC honoured with ‘Best Design Thinking Award’ at DNA Awards 2025

REC, a Maharatna NBFC under the Ministry of Power, has received the ‘Best Design Thinking Award’ at the 5th Distinguished NBFC Awards (DNA Awards) hosted by Banking Frontiers.The award acknowledges REC’s digital initiatives in Retail Bonds, highlighting the company’s efforts to leverage technology and design thinking to improve customer experience and service delivery.Jitendra Srivastava, CMD, REC, congratulated the finance team for their commitment and contribution towards driving innovation. Harsh Baweja, Director (Finance), along with senior officials, joined in celebrating the reco..

How India’s Logistics Sector Becoming Smarter, Faster, and Fairer

India’s logistics system, once criticized for being slow and fragmented, is now showing signs of a genuine turnaround. Policy reforms, new infrastructure, and rapid adoption of technology are changing the way goods move across the country. Officials argue the impact will be felt not just in lower costs, but in faster operations and more equitable opportunities for small businesses.Smarter: Digital Innovation Taking HoldThe biggest shift has been digital. Artificial Intelligence (AI), Machine Learning (ML), IoT and block chain are no longer buzzwords, they are now being used on the ground. Fl..

Hindustan Zinc Charts Multi-metal Future as Cornerstone of 2x Growth Strategy

Hindustan Zinc, a Vedanta Group company and the world’s largest integrated zinc producer, has announced a bold transformation agenda – Hindustan Zinc 2.0 – to evolve from a zinc-and-silver leader into a diversified, multi-metal enterprise powering India’s future growth.Addressing shareholders at the company’s 59th Annual General Meeting, Chairperson Priya Agarwal Hebbar said, “Hindustan Zinc is moving beyond its zinc and silver legacy to become a multi-metal, future-ready enterprise. As demand for critical minerals grows across clean energy, digital infrastructure, and national sec..