Axis Bank rotates into green bonds

The bank joins a quartet of green bond issuers from the Indian financial sector as Asian investors brace themselves for a deluge of deals.
Helping to turn the planet green
Helping to turn the planet green

Axis Bank became the fourth and largest green bond issuer from the Indian financial sector on Monday, raising $500 million from a debut deal. 

The five-year Reg S144a transaction came into a market preparing itself for a deluge of bonds from issuers of all hues over the coming two weeks. Overshadowing them all is a prospective jumbo transaction from China's Three Gorges Corporation, which could raise more than $3 billion, according to investors. 

It is also a market that is still in recovery mode after hawkish minutes from the US Federal Reserve last week pushed Treasuries almost 10bp higher overnight.

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