State Bank of India (SBI) and FTSE Russell, the global index and data provider, launched the FTSE SBI Bond Index Series at an event in London Stock Exchange….reports Asian Lite News
The launch of this innovative index series demonstrates significant progress in the development of India’s bond market. The step was a priority of the India UK Financial Partnership (IUKFP), launched by British Chancellor and Indian Finance Minister Mr Arun Jaitley.
To celebrate the launch Mrs. Arundhati Bhattacharya, Chairman of State Bank of India, along with Mark Makepeace, CEO of FTSE Russell and Nikhil Rathi, CEO of London Stock Exchange opened trading in London. The index series gives market participants from India, the UK and internationally the tools they need to analyse India’s government bond market.
“State Bank of India (SBI), India’s largest Commercial Bank, has been at the forefront of development of financial markets in India. We have teamed up with FTSE Russell to launch the FTSE SBI Bond Index Series. This index will act as a key benchmark for Indian debt for foreign investors looking to invest in the Indian debt market and will significantly contribute to the development and broadening of the Indian Bond Market,” said Mrs. Arundhati Bhattacharya Chairman of State Bank of India said:
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally, with approximately $15 trillion currently benchmarked to FTSE Russell indexes. FTSE Russell ranks in the top 3 fixed income index providers globally. With around 40% of institutional fund AuM currently allocated to fixed income, this is a rapidly expanding area for FTSE Russell offering both global indexes and analytical systems.
“FTSE Russell has a strong track record of forging partnerships to create fixed income solutions for fast growing domestic markets. India has a significant domestic bond market that continues to see strong demand from foreign investors. This partnership with SBI, a leading Indian bank, enables us to be at the forefront of fixed income index innovations in India and we look forward to further developing index products that can create greater awareness and foster liquidity across the India domestic fixed income spectrum,” said Waqas Samad, CEO of Fixed Income and Multi Asset, FTSE Russell.
“City of London welcomes Mrs Bhattacharya and congratulates her warmly on her tenure as Chairman of State Bank of India,” said Sherry Madera, City of London Corporation, special advisor for Asia “SBI has been a longstanding partner in the City since 1921, establishing its first International office and successfully expanding its business to now within 35 countries across the globe. The City of London is delighted to welcome the FTSE Russell State Bank of Indian Bond Index Series and considers it an excellent example of London’s commitment to the Indian financial markets and to offering tools and products for international investors seeking exposure in India.”
London Stock Exchange Group has a long history of working with partners in India and enjoys close collaboration with a number of Indian organisations including National Stock Exchange of India Ltd (NSE). There are currently 36 Indian companies listed in London, with a combined market capitalisation of £164 billion. London has also established itself as the leading centre for off-shore Rupee debt issuance, with 21 Masala bonds listed on London Stock Exchange, raising equivalent to approximately $4 billion.
State Bank of India is the largest Bank in India with leading presence across all market segments. SBI is currently ranked among the top 50 Banks in the world. It has a 211-year-old history in the Indian Banking Industry with an overseas network of 206 foreign offices spread across 35 countries, with the objective of serving the growth aspirations of Indian corporates and individuals, globally as well as domestically.