Norton Rose Fulbright advises on first Masala Bond issue by a foreign government

Global Business September, 15 2016

Global law firm Norton Rose Fulbright has advised the managers in relation to the Province of British Columbia’s syndicated issue of INR 5bn notes under its Euro Note Issuance Programme.

This marks the Province’s inaugural issue of synthetic Indian Rupee-denominated bonds payable in US dollars (known as “Masala” bonds) and the first such issue by a foreign government. The 6.60 per cent notes, payable in US. dollars, are due on January 9, 2020.

Peter Noble, partner, Norton Rose Fulbright, comments:

“We are delighted to advise the underwriters on this first foreign government issue for the market. Masala bonds are in their nascent stage but we look forward to the expansion of this market, particularly for Indian issuers, given India’s huge infrastructure needs over the years to come.”

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

The notes were offered in the US under Rule 144A and outside the US under Regulation S and were listed on 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-manager.

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