B.C.’s Finance Minister Michael de Jong was invited to open trading at the London Stock Exchange today where the bond was listed.
de Jong was in London to celebrate B.C. becoming the first foreign government to issue a bond in the Masala market. He was joined by Alok Sharma MP, Parliamentary Under Secretary of State for the Foreign and Commonwealth Office (Minister for Asia and the Pacific); His Excellency Mr. Dinesh K. Patnaik, Indian High Commissioner to the UK; Nikhil Rathi, CEO, London Stock Exchange; and members of the London financial community, particularly those with connections to India and the Masala bond market.
The Masala bond issue demonstrates the Province’s confidence in the outlook for India, and positions B.C. to participate in internationalization of the rupee and India’s economy. Being the first foreign government to issue a Masala bond, B.C. continues its reputation as an innovator and leader amongst its AAA-rated peers in diversifying sources of funding.
More than US$1.1 billion (INR 7,500 crore or £900 million) of rupee-denominated bonds have been issued in London since July 2016, and London is regarded as the leading global centre for offshore rupee finance.
This celebration comes on the heels of de Jong’s trade trip to India in October, where he met with Honourable Arun Jaitley India’s Minister of Finance, senior government officials, and business leaders. These meetings continued to foster growing relationships and partnerships with India.
India is a priority market for B.C. With the advantages of a young demographic profile, a growing middle class and one of the world’s fastest-growing economies, B.C. is forging and strengthening business, economic and trade relationships with India.