The National Thermal Power Corporation (NTPC) which is India’s state-run corporation is among the first bonds to list on the new International Securities Market (ISM) on the London Stock Exchange (LSE).
Minister of state power, coal, and renewable energy Piyush Goyal published a rulebook after which the NTPC Masala Bond is available for trading in the ISM. Goyal was pleased that the NTPC was one of the first companies to list in the ISM. He said that London has been a very long term partner and to take this relationship to another level is a really great decision.
The CEO of London Stock Exchange Mr. Nikhil Rathi said that the stock exchange was delighted to announce the new International security market and welcomes the first bonds of which NTPC is a part to begin trading.
Piyush Goyal further said that the ISM would provide the UK and the international fixed income issuers an additional efficient London listing venue. London Stock Exchange has raised over 5 billion dollars for supranational, municipal and private companies and is a global home for Masala Bonds, he added.
Kulamani Biswal, the director at NTPC said that this enlistment has provided an opportunity to access quality investors for meeting the financial needs of the country. The London Stock Exchange is among the world’s most international capital markets. It claims that around 70% of all bond secondary trading activity is conducted out of the London Stock Exchange. A statement said by the LSE claims that ISM has the deepest pools of global capital and so it is working hard to meet the demands of the issuers and investors and is on course to improve the competitiveness and effectiveness of the UK primary debt markets.
Jayne-Anne Gadhia, CEO at Virgin Money said that the competitiveness of the UK primary debt markets will be improved by the new market. It will also improve the support and requirements of the issuers and investors. She also said that the increased choices among the issuers would attract other issuers and investors to come and invest in the UK market.