Linklaters has advised RBL Bank Limited (RBL Bank) on the establishment of its US$1bn Euro Medium Term Note Programme and the inaugural issuance of US$350m 5.791% senior unsecured notes due 2031 under the programme. The transaction marks RBL Bank’s debut issuance in the international debt capital markets.
The notes represent the first issuance under the programme and are expected to be listed on India International Exchange (IFSC) Limited and NSE IFSC Limited. The proceeds will be used to meet the funding requirements of RBL Bank’s International Banking Unit in GIFT City, support the development and expansion of its business there, and for general corporate purposes.
The transaction is also RBL Bank’s first bond issuance following Emirates NBD Bank PJSC’s acquisition of a majority stake in the bank. It involved coordination with Emirates NBD in the United Arab Emirates, reflecting the cross-border nature of the transaction across India, Singapore and the UAE.
The offering attracted peak orders of more than US$2.2bn. Pricing tightened from initial guidance of 150 basis points over the five-year US Treasury benchmark to 120 basis points, with approximately 75% of demand coming from long-only investors, including insurance companies and pension funds.
The Linklaters team was led by partner and Head of India Practice Amit Singh, with support from capital markets counsel Grace Yumul-Villanueva, managing associate Daryl Bryan Chee and associate Putri Meisita Kusuma.
Amit Singh, partner and Head of India Practice at Linklaters, commented:
“We are pleased to have supported RBL Bank on this important step in its international funding journey. The establishment of this programme provides RBL Bank with a flexible platform to access the international debt capital markets as its funding needs evolve. The transaction demonstrates the value of coordinated cross-border execution in helping established Indian financial institutions broaden their international funding options.”
With more than 50 years of on-the-ground experience in Asia, Linklaters has an established track record of advising on India-related capital markets transactions, including international bond offerings by Indian financial institutions and leading equity offerings across diverse sectors.
