Kerala CM Pinarayi Vijayan opens listing ceremony of London Stock Exchange

In a moment of pride for Kerala and the rest of the country, Kerala Infrastructure Investment Fund Board (KIIFB), a state government institution has been listed in London Stock Exchange (LSE).

KIIFB has become the first state-level firm in India to be listed in the LSE.

As part of the listing, Kerala Chief Minister Pinarayi Vijayan was invited by LSE officials to open the trade for the day by ringing the iconic bell.

With this, Pinarayi Vijayan has become the first chief minister from India to have been invited for opening the trade in the LSE.

State finance minister Dr TM Thomas Issac and other senior officials were also present at the function.

KIIFB is a statutory body constituted by the state government to mobilise funds for infrastructural development projects in the state.

KIIFB lists Masala bonds worth Rs 21.5 billion on London Stock Exchange’s International Securities Market.

“London Stock Exchange welcomes Kerala Infrastructure Investment Fund Board’s debut Masala bond, the first sub-sovereign entity in India to tap the offshore rupee international bond market. Rs 21.5 billion ($312 million equivalent) senior secured fixed-rate bond has a five-year tenor with a 9.723% coupon. The bond has been admitted to London Stock Exchange’s International Securities Market”, LSE said at the launch.

“This is a milestone transaction for KIIFB and Kerala. KIIFB is the first sub-sovereign entity in India to access the international debt capital markets in this manner. This transaction has accomplished our objective of diversifying our sources of funding by accessing capital from international investors,” KIIFB CEO Dr KM Abraham said at the launch.

Others also shared happiness over the latest development.

“LSE warmly congratulates KIIFB on its landmark Masala bond debut. Our markets have enabled issuers to raise over $7.5 billion equivalent, allowing Masala bonds to evolve from a specialist segment to a mainstream asset class. KIIFB’s bond highlights London’s status as a leading international financing centre, offering issuers access to the deepest pool of long-term international investor capital as well as best in class listing solutions, said Darko Hajdukovic, Head of Fixed Income, Funds & Analytics, UK Primary Markets, LSE.

“LSE is the largest Masala bond centre globally. 49 Masala bonds have been listed across our markets raising in total over $7.5 billion equivalent,” he added.

[“source=indiatoday”]

Author: Lili