London Stock Exchange Listing Debt on Page 1
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India – UK Finance Partnership “We will work together with the British “It’s a real opportunity to open a new chapter in the “We will also increasingly raise funds in Government, industry, and the financial market relationship between our two countries.” London’s financial market. I am pleased to deepen our relationship and harness that David Cameron that we will issue a railways rupee bond interest in India’s infrastructure. Very soon, in London stock market. This is – for “Today, we have outlined a bold and ambitious vision for these bonds will become strong instruments for this is where the journey of Indian our strategic partnership, and the decisions we have engagement between our financial markets.” Railways had begun.” taken today reflect our firm commitment to pursue it and Narendra Modi Narendra Modi the confidence to achieve it. Indeed, the outcomes today “ �पी बॉ ं ड अपने आप म� भारत की आिथरॎक have shown that we have already taken our relationship to a new level.” संप�नता का एक मह�वपूणरॎ िम�ण है और Narendra Modi िहंदु�तान क े हर नागिरक को इसको गौरव क े �प म� देखना चािहए और इसको उजागर करना चािहए , तभी तो भारत की ताक़त बढ़ती है “ Narendra Modi Source: Joint press release UK-India Summit, 12 November 2015, https://www.gov.uk/ Page 3
LSEG at the heart of India-UK EFD 13 March 2015, international investors roundtable, LSE Roundtable with Railways Minister, 30 October 2015 London Stock Exchange has more Indian “London Stock Exchange is one of the premier hubs globally companies listed on our equity and debt for any financial activity” markets than any other international market Arun Jaitley, Honourable Minister of Finance and provides cutting edge technology to some of India’s leading exchanges. India’s most dynamic companies have access to “Strengthening the economic and financial links between India the world’s largest pool of institutional and the UK is a key priority for the government, and a stable investment capital here in London.” and competitive financial services industry in the UK is an Xavier Rolet, CEO, LSEG important asset to the UK and to the rest of the world.” Priti Patel, Exchequer Secretary to HM Treasury and the Prime Minister’s Indian Diaspora Champion 18 Nov 2014, IFC Market Open London Stock Exchange Page 4
LSEG’s Partnerships Company New Deals Deal Size Announcement Issuance of maiden sterling “The bond issue will help Bharti extend maturities and diversify Bharti Airtel £500mm bond in London investor base on its debt portfolio” “LSE is the broadest ETF market in Europe. This ETF will give Listing the world’s first India Zyfin and Sun Global international investors access to the Indian fixed income market, fixed income ETF on London n/a which is worth USD 1.3 trillion and is a vital source of finance for Stock Exchange the infrastructure sector” “There is renewed vigour in the India-UK relationship and HDFC is delighted to announce its intention to list its bonds on London Stock Issuance of offshore Rupee Up to USD 750mm Exchange. UK is the global hub for financial services and the HDFC Reserve Bank of India’s guidelines permitting overseas rupee- denominated bonds in London equivalent denominated bonds, will open up a new source of funding for us,” Deepak S. Parekh, Chairman, HDFC “Both financial institutions will leverage their complementary Signing of MoU to foster joint strengths to facilitate access to capital raising in London and India collaborations on bond and Up to USD 550mm in for Indian entities and will work jointly on the development of a wide Yes Bank equity issuance in London, Green Bonds and range of new products. Through this collaboration both parties also with a strong focus on Green USD 1bn in equity demonstrate their commitment to the promotion of products and Infrastructure Finance. platforms supporting the use of Green Finance” Construction of “FTSE-SBI These indices, to be launched in the first half of 2016, will facilitate India Bonds Indices” to be SBI-LSEG n/a investment into India's bond markets and support market liquidity used initially by a new and pricing investment fund run by SBI Issuance of offshore Rupee “We are set to launch a railway bond in London. It is appropriate as IRFC n/a the journey of Indian Railways started in he UK” PM Modi denominated bonds in London Page 5
April 2016 Visit of Minister Piyush Goyal “Minister of Power and Coal Piyush Goyal, who is on a two-day visit to the UK, visited the London Stock Exchange. During the visit, Goyal met officials from Natgrid and UK Power Network and explained about his plans and vision to increase the power generation in India and renewable energy scale up plan has been drawn up to 2022. According to sources, Goyal emphasised the need for the developed world to show its commitment towards climate change by putting money in climate finance .” Business Standard, 21 April 2016 “In an attempt to raise resources for India’s ambitious green energy programme, state-run firms, such as NTPC Ltd, Neyveli Lignite Corp. Ltd, Power Finance Corp. Ltd (PFC), Rural Electrification Corp. Ltd (REC) and PTC India Ltd, plan to issue masala bonds to raise $1 billion, according to a government statement released on Wednesday.” VCCIRCLE, 20 April 2016 Page 6
India's financing requirements India’s financing estimates “ The development of a — India is forecast to be the fastest growing economy in the G20 in 2015 and 2016. masala bond market — The World Bank has estimated that in this decade alone, India’s would be positive for infrastructure investment needs could reach USD1.7 trillion1. Indian firms, opening — The CII has estimated that India’s economy will need USD 4.7 trillion investment over the next 5 years to achieve 7% growth per annum 2 . potentially significant new sources of Accessing the world’s deepest pools of capital — Financing requirements on this scale can partly be achieved by funding.” tapping into the deep pools of capital and international investor base of Fitch Ratings a world leading global financial centre such as London. Green finance - accessing a wider range of investors — London Stock Exchange (LSE) has the most comprehensive set of green bond segments of any international exchange. 1 http://www.worldbank.org/content/dam/Worldbank/document/SAR/Reducing%20Poverty%20by%20Closing%20South% 202 Asia's%20Infrastructure%20Gap_Web.pdf 2 CII study, September 2014, https://www.mycii.in/KmResourceApplication/42085.StudyonInvestment.pdf Page 7
Raising international profile A competitive environment — Securing the right profile for bond listings is significant in an environment where companies are competing for capital. — Listing in a global market such as London raises a company’s international profile, especially when the offshore market has high international regulatory standards. — London is home to the deepest global debt capital market with a globally oriented investor base and the deepest global foreign exchange centre. LSE markets are supported by a network of 350 member firms from over 20 countries*1, including banks, agency brokers, market makers and proprietary traders. Fostering investor confidence — Listing should be encouraged in jurisdictions that meet rigorous criteria on process of listing, disclosure, transparency, and have a consistent, independent document vetting process. — This fosters greater investor confidence and avoids potential conflicts of interest. *Source: LSEG, as of September 2015 Page 8
Fixed Income Primary Markets - Prestige Profile: Our issuers benefit from the significant global profile of a London presence as well as access to a deep international investor community. Long Standing Experience: — More than 15,000 debt instruments actively listed on LSE’s fixed income markets — More than £3.5 trillion GBP equivalent raised — Experience working with respected sovereign and quasi-sovereign issuers from over 59 jurisdictions — Over 2,570 International Issuers have issued on our debt markets — Debt issued in 38 currencies Issuer Profile Raising: — PR & Press: debt listings in London are supported by a range of London Stock Exchange marketing and PR initiatives, tailored to suit the needs of issuers. — Market Open: Any high profile issuance can be timed with a Market Opening ceremony and followed by a press release from our Group. High level government officials could also be invited which is also associated with extensive press coverage Page 9
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