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The company is eyeing dollar bond issuances after 2027
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The listing of the Rs 200 crore green bonds of Pimpri Chinchwad Municipal Corporation concluded on BSE, with bids from eight investors, of which five investors got allotment.
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The government plans to use funds raised from its usual borrowing programme to fund green projects
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Greenium refers to the premium that the issuer receives on green bond issuances. Investors are willing to accept lower yields on green bonds due to the sustainable nature of the projects financed by the proceeds
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The issuance has garnered significant investor interest, with the base issue size set at Rs 500 crore and an option to retain oversubscription up to Rs 275 crore. The bonds carry an annual yield of 7.23 percent.
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Out of the gross market borrowing of Rs 14.01 lakh crore budgeted for 2024-25, Rs 6.61 lakh crore (47.2 percent) is planned to be borrowed in the second-half of the current fiscal through issuance of dated securities, including Rs 20,000 crore of Sovereign Green Bonds.
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Shaktikanta Das said challenges include scalability, as the market for green bonds needs to expand significantly to attract larger issuances and diverse set of investors
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Although there is no official full-year target for green bonds, the Centre had said in March that out of the Rs 7.50 lakh crore of total gross borrowings in the first half of FY25, Rs 12,000 crore will be through issuance of sovereign green bonds.
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Greenium refers to the premium that the issuer receives on green bond issuances wherein investors are willing to accept lower yields on such debt instruments due to the sustainable nature of the projects financed by their proceeds.
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Pimpri Chinchwad Municipal Corporation readying up for second municipal bonds to raise funds for projects in the city. It had earlier raised Rs 200 crore in July 2023.
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Climate financing has become broad based as niche areas such as water management and waste management have begun to get more funding. Even so, the lion’s share of proceeds from such bonds went towards the energy sector, followed by construction and transport
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"Green financing is something that we will look at the next year and we would deploy the fund for financing green housing projects," LIC Housing Finance MD and CEO Tribhuwan Adhikari told PTI in an interaction.
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The finance ministry is not impressed by the 'greenium', or green premium, on its green bond issuances, which was just 2 basis points on average across all issuances in the current fiscal. Higher demand for this instrument could provide a fillip to India’s push for a sustainable economy.
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Kerala Infrastructure Investment Fund Board raised Rs 300 crore on June 30, 2023, and Ahmedabad Municipal Corporation raised Rs 200 crore on February 5, 2024.
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The company has issued 5-year, 5.25-year and 10-year Green bonds, under its US$ 10 billion Global Medium Term Notes Programme.
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Last year, finance minister Nirmala Sitharaman said cities will be incentivised to improve their creditworthiness so that they can issue municipal bonds.
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The bonds will issued as part of REC's USD 10-billion global medium-term note programme, the company said in a regulatory filing.
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The bank has concluded the successful placement of USD 250 million senior unsecured Green floating rate notes, referred to as 'The Green Notes', SBI said in a statement.
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An enhanced limit for priority sector lending to incentivise banks to increase lending in the green financing segment and tax incentives for investment in green bonds are some concrete steps needed to reduce the emission intensity of the transport sector
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The central government on September 26 announced that green bonds worth Rs 20,000 crore would be issued in the second half of the borrowing calendar.
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Creating a demand pull and regulatory push through policy interventions would ensure that investor and borrower interests are aligned with India’s energy transition goals
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Demand for green bonds in the domestic market has been low in the last two years due to the small investor base for this product.
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Indian corporates and banks have raised only Rs 795 crore through green bonds in the domestic market in FY23 and so far in FY24, less than half that of the previous year.
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The government intends to issue at least Rs 16,000 crore to Rs 20,000 crore worth of Green Bonds in the second half of 2023-24, and is looking for a better price than it received for the bond's maiden issuance in late 2022-23.
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Green bonds need government support to finance fight against global warming
