Nabard raises crore through India's first social impact bond

29 Sep 2023 CW Team

The National Bank for Agriculture and Rural Development (Nabard) has successfully raised INR 1,041 crore through its five-year social impact bond, featuring a coupon rate of 7.63%. This issuance marks Nabard's debut in the realm of externally certified AAA-rated social bonds in India, as confirmed by the institution in an official statement. The bonds have received AAA ratings from both CRISIL and ICRA.

Nabard had initially set a base issue size of INR 1,000 crore, along with a green shoe option of an additional INR 2,000 crore. According to market observers, investors had sought a higher interest rate on this special bond. Still, Nabard was determined to maintain a coupon rate consistent with its existing bonds.

Ajay Manglunia, Managing Director and Head of the Investment Grade Group at JM Financial, explained, "In the morning, the yields were on the higher side, and Nabard's bond falls into the social sector special category. The investor base for such causes, particularly in ESG (Environmental, Social, and Governance), is relatively limited. Consequently, Nabard faced challenges in raising the required amount without offering a higher coupon."

He further added, "Investors were demanding slightly higher rates than those typically seen in Nabard's bonds. Considering the achieved pricing, it more or less aligns with the prevailing rates for Nabard's regular bonds."

Nabard's successful issuance of this social impact bond underlines the growing interest in socially responsible investments and demonstrates its commitment to supporting rural and agricultural development initiatives.

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