Issue of U.S.$ 1,000,000,000 3.70% of Additional Tier I Notes by HDFC Bank Limited

J. Sagar Associates (JSA) advised HDFC Bank Limited, India’s largest private sector bank, in the issue of U.S.$ 1,000,000,000 3.70% of Additional Tier I Notes (“ US$ AT1 Notes”) by HDFC Bank Limited (“ Offering”).

JSA also assisted and facilitated listing of the US$ AT1 Notes on the Global Securities Market of India International Exchange( IFSC) Limited (“India INX”), India’s international stock exchange at the GIFT City. The US$ AT1 Notes are also listed on NSE IFSC Limited (“ NSE IFSC”) , India’s international stock exchange at the GIFT City.
The transaction has many firsts:-

  • The transaction is a debut US$ AT1 Notes Offering by HDFC Bank .
  • The transaction is the largest US$ AT1 offering by any bank from India.
  • The transaction has one of the tightest pricing achieved by any bank from Asia with Ba3 rating.
  • The transaction was oversubscribed by over four times.
  • The US$ AT1 Notes are exclusively listed at India INX and NSE IFSC Limited.
  • The transaction concluded in the midst of the unrelenting Covid – 19 pandemic.

 

JSA team comprised Lead Partner – Dina Wadia, Partner – Uttara Kolhatkar, Junior Associate – Zahan Kalyaniwala, Partner (Income Tax) – Kumarmanglam Vijay, Associate (Income Tax) – Shiv Singhal.