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Shardul Amarchand Mangaldas & Co. advises Axis Bank Limited to issue U.S.$600,000,000 4.10 per cent. dollar denominated, Basel-III compliant, Additional Tier 1 Notes
September 28, 2021
Shardul Amarchand Mangaldas & Co. advised Axis Bank Limited to issue 4.10 per cent dollar denominated, Basel-III compliant, Additional Tier 1 Notes under the U.S.$5,000,000,000 Global Medium Term Note Programme through its GIFT City Branch. The deal is valued at USD 600 million. The date of closing was 8 September 2021.
The notes are the first sustainable USD denominated AT-1 bonds from India, second from Asia and third in the world. With this transaction, Axis Bank has accessed the international bond markets for the first time after a 4-year hiatus.
The transaction team was led by Nikhil Naredi, Partner; Monal Mukherjee, Partner; Oindree Bandyopadhyay, Associate; and Tarun Srikanth, Associate.
Linklaters Singapore Pte. Ltd acted as the legal counsel to Axis Bank Limited as to English, United States Federal Law and Singapore Law. AZB & Partners acted as the legal counsel to the Crédit Agricole Corporate and Investment Bank, Singapore Branch, Emirates NBD Bank PJSC, J.P. Morgan Securities plc, Merrill Lynch (Singapore) Pte. Ltd., Mashreqbank psc, MUFG Securities Asia Limited and Société Générale and Axis Bank Limited, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch, BNP Paribas, Citigroup Global Markets Limited, J.P. Morgan Securities plc and Standard Chartered Bank (“Managers”) on Indian Law and Latham & Watkins LLP acted as the legal counsel to the Managers as to English and United States Federal Law.
