HDFC Bank raises $300M through first-ever green bond initiative.

HDFC Bank, India’s largest private lender, has raised $300 million through its first-ever sustainable finance bond issue. The three-year bond was priced at a yield of 5.196% and will be used to lend towards electric vehicles, small and medium enterprises, and affordable housing. The bank also raised an additional $450 million through senior unsecured dollar bonds, with the proceeds to be used for the bank’s foreign branches and subsidiaries, as well as general corporate purposes. The five-year bond was priced at a coupon of 5.180%. The bonds will be issued by HDFC Bank’s Gujarat International Finance Tech City branch and will be rated Baa3 by Moody’s and BBB- by S&P Ratings. Barclays, Bank of America, JP Morgan, MUFG, and Standard Chartered acted as joint coordinators and lead managers for the bond issue.