IDBI Bank recently launched an issue of US dollar-denominated green bonds through its Dubai branch. The bank will utilise the proceeds to fund new and existing green projects, IDBI said in a filing to the BSE. “IDBI Bank has launched the US dollar five-year green bond issue today,” the filing said. The issue of the green bond is through its Dubai International Financial Centre branch.
“The issuer will use the net proceeds from the sale of the notes to fund, or reimburse the issuer for its funding of, certain new and existing eligible green projects,” it added. IDBI Bank did not mention the amount to be raised through the green bond issue. Separately, Fitch Ratings on Monday assigned IDBI Bank’s (BBB-/Stable) proposed senior debt issue a ‘Stable’ rating of (BBB-). Moody’s and S&P have also assigned stable rating grade to the issue.