TIL BDR GHALLEY
Thimphu
The Gelephu Mindfulness City Nation Building Bond (GNBB) concluded with an unprecedented level of public engagement, raising Nu. 3.347 billion far surpassing its initial target of Nu. 2 billion.
The bond issuance, spearheaded by the Gelephu Mindfulness City (GMC) initiative and the Gelephu Investment and Development Corporation, has not only met its financial objectives but has also emerged as a national symbol of unity, trust, and civic responsibility.
The GNBB, a 10-year term and tax-exempt bond with an annual coupon rate of 10%, was offered exclusively to Bhutanese retail investors as a unique opportunity to invest in the nation’s future.
Within the original subscription window, demand outstripped the Nu. 2 billion targets, prompting an extension to accommodate further interest.
By the close of the offering, 35,403 individuals from all 20 dzongkhags had subscribed, marking the widest citizen participation ever recorded in Bhutan’s capital markets.
The funds raised through this bond are earmarked for the development of the Gelephu International Airport, a cornerstone project under the GMC vision.
Envisioned under the guidance of His Majesty The King, the airport is intended to serve as a mindful, sustainable hub connecting Bhutan to the rest of South Asia and beyond.
The project is projected to accelerate economic transformation, bolster connectivity, and support the long-term objectives of the Gelephu Mindfulness City an ambitious urban development project grounded in Bhutanese values and cultural heritage.
One of the most significant milestones of the GNBB was its groundbreaking use of digital infrastructure. Through integration with the Royal Securities Exchange of Bhutan Limited (RSEBL) online subscription platform and the National Digital Identity (NDI) system, the bond attracted over 18,000 first-time investors who were able to participate entirely through digital means.
In addition to its digital success, the GNBB also introduced a five-year lock-in period for investments, with trading to commence on the Royal Securities Exchange of Bhutan one year after allotment.
The GNBB is now recognized as one of the largest retail driven debt mobilizations in Bhutan’s history.
Officials from the Gelephu Investment and Development Corporation noted that the diversity of subscribers from civil servants and farmers to business owners and students underscored the deep sense of ownership and pride among the people.
The success of the GNBB has been widely acknowledged by policymakers and market observers as a turning point for Bhutan’s capital markets.
This initiative also marked the first time Bhutan had introduced a debt instrument tailored to combine financial returns with developmental outcomes in such a widely accessible format.
The Gelephu International Airport, to be funded through the bond proceeds, is expected to begin construction within the year. Once operational, the airport will serve as a vital gateway to the Gelephu Mindfulness City, enhancing Bhutan’s regional and international connectivity.
It will also serve as a major economic driver, attracting tourism, investment, and innovation in alignment with Bhutan’s Gross National Happiness (GNH) philosophy.
The GNBB has set a benchmark for future citizen-led financing models. Its success is expected to encourage further innovations in public fundraising for infrastructure and development projects.
Financial regulators and capital market institutions are now exploring mechanisms to replicate and expand this model, with a focus on deepening market participation and enhancing trust in financial systems.
From remote gewogs to urban centers, Bhutanese citizens responded to the call for collective action, demonstrating unity and shared responsibility in shaping the nation’s future.
This participatory momentum, experts suggest, could serve as the foundation for future initiatives that rely on national solidarity and shared purpose.
With an annual coupon rate of 10%, a 10-year term, and tax-exempt interest, the GNBB offered a meaningful way for Bhutanese individuals to contribute directly to long-term national development—financially and symbolically. The bond is now officially listed on the Royal Securities Exchange of Bhutan (RSEBL), enabling future tradability and creating a new benchmark for citizen participation in Bhutan’s capital markets.
The Royal Government of Bhutan and the Gelephu Investment and Development Corporation have expressed their appreciation for the unprecedented public support and reaffirmed their commitment to ensuring transparency, accountability, and timely implementation of the airport project.
Regular updates on project progress and bond performance are expected to be provided through official channels.
With the Gelephu International Airport construction set to commence this year, the GNBB stands as a testament to the power of public participation in shaping Bhutan’s next chapter. The collective spirit demonstrated through this offering reaffirms the unity, trust, and purpose with which Bhutanese citizens are building a mindful, inclusive, and future-ready nation.
As trading for the GNBB opens on the Royal Securities Exchange after the one-year mark, market analysts will be observing closely to assess price trends, liquidity patterns, and the behavior of newly inducted retail investors.
The long-term success of the GNBB, they note, will also depend on the effective execution of the airport project and the realization of its promised benefits.
The GNBB has transformed a capital market initiative into a nationwide movement of empowerment and engagement.
With Nu. 3.347 billion in citizen-backed funds now mobilized for strategic infrastructure, the Gelephu Mindfulness City and the Gelephu International Airport stand poised to become lasting symbols of Bhutan’s vision, resilience, and unity,
The GNBB is the ffirst-ever use of RSEBL’s online subscription platform integrated with the National Digital Identity (NDI), enabling over 18,000 first-time investors to participate digitally—an unprecedented leap for financial inclusion. The bond is listed on the Royal Securities Exchange of Bhutan, with trading to commence after one year from allotment and a five-year lock-in period.
