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).