Province of British Columbia completes the first Masala Bond issue by a foreign government

September 12, 2016

Client: Province of British Columbia


Norton Rose Fulbright’s London office acted as English counsel to the Managers in connection with the Province of British Columbia’s syndicated issue of INR 5,000,000,000 6.60 per cent. Notes due 9 January 2020 (payable in U.S. dollars) under its Euro Note Issuance Programme. This is the Province’s inaugural issue of synthetic Indian Rupee-denominated bonds payable in U.S. dollars (otherwise known as “Masala” bonds) and the first such issue by a foreign government.  The Notes were offered in the U.S. under Rule 144A and outside the U.S. under Regulation S and were listed on  the Regulated Market of the London Stock Exchange.

The Notes were offered by an underwriting syndicate joint-led by The Toronto-Dominion Bank and HSBC Bank plc, with The Bank of Nova Scotia as Co-Managers.  

The Norton Rose Fulbright LLP team was led by Peter Noble, who was assisted by Alison Hutchings (London).