Jain Irrigation goes green with bond debut

The dollar green bond market is now open for the year, after Indian company raises $200 million.

Jain Irrigation Systems, an Indian manufacturer of agricultural irrigation system and plastic products, raised $200 million from a five non-call three-year bond this week, becoming the first Asian issuer to sell a green bond in the dollar market this year.

The company added to a growing trend among Asian issuers of issuing green bonds. Some $37.6 billion was raised from 50 deals in Asia ex-Japan last year, compared to just $3 billion the year before, according to Dealogic.

Jain, rated BB by SP Fitch, launched the maiden dollar bond issue a day after Vedanta Resources, an Indian mining and energy group, sold a $1...

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