A&O advises as two state-backed Indian companies issue bonds
Magic circle firm wins two mandates to advise as India's EXIM bank and power utility NTPC raise funds overseas
August 17, 2016 at 07:43 AM
2 minute read
Allen & Overy (A&O) has advised as India's power utility company NTPC and export finance institution Export-Import Bank of India (EXIM) issue bonds to raise funds overseas.
The magic circle firm assisted NTPC on its green masala bonds listing. The bond listed on the London and Singapore Stock Exchanges earlier this month.
Masala bonds are a financial instrument through which Indian entities can raise money from overseas markets in the rupee, not foreign currency. Green masala bonds are used for private sector investments that address climate change in India.
A&O US securities partner Amit Singh led the A&O team from Hong Kong.
The firm also advised the lead managers on the transaction, which were Axis Bank, Singapore Branch, HSBC, MUFG and Standard Chartered Bank.
The deal comes only a few weeks after Freshfields Bruckhaus Deringer took the lead on the world's first masala bond listing on the London Stock Exchange. Freshfields was the sole adviser on the deal.
In addition, A&O has also advised EXIM on its $1bn (£767.7m) bond issuance, which will be used to fund loans for overseas investment or equity in foreign joint ventures.
The bond deal, which also closed earlier this month, attracted strong interest from US investors.
Singh led the firm's team on this deal.
EXIM is wholly owned by the India government. The issuance is part of the bank's $10bn (£7.68bn) medium-term notes programme, which A&O helped establish.
Clifford Chance acted as international counsel for the joint underwriters on the issuance. Its team was led by Singapore capital markets partner Rahul Guptan.
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