JSA Advocates & Solicitors advised Export-Import Bank of India in connection with its US$ 1 Billion dual tranche Bonds Issue under its US$ 10 Billion Global Medium Term Note Program.
JSA also assisted and advised on the listing of these US$ Bonds on the Global Securities Market (GSM) of India International Exchange (IFSC) Limited (India INX), India’s international stock exchange at the IFSC GIFT City.
EXIM Bank successfully issued US$ 1 billion senior unsecured bonds across 10-year (US$ 500 million) and 30-year (US$ 500 million) maturities in the global international debt capital markets. The 144A/Reg-S issuance marked the first US dollar bond issuance by an Indian issuer in 2026, reopening global debt markets for Indian issuers in the new year.
The transaction was historic on multiple counts. EXIM Bank became the first Indian banking financial institution wholly owned by the Government of India to undertake a 30-year US dollar bond issuance, marking the first-ever such long-tenor issuance by India’s premier export finance institution. The 30-year tranche established a new long-term benchmark for Indian issuers and successfully extended EXIM Bank’s credit curve to the long end of the maturity spectrum.
This transaction also marks the lowest spread ever achieved by any Indian issuer in the public US$ bond market on both the 10-year and the 30-year tenors. Further, the spread over treasuries between the 10-year and 30-year was the lowest for any US$ bond issuer from Asia (ex-Japan) in the last 5 years.
In terms of geographical distribution, the bonds were well distributed, in Asia, Europe, Middle East and Africa (EMEA) region and in the USA, with significant participation and an overwhelming response from a diverse pool of investors.
On account of the unique, specialised and quasi-sovereign nature of EXIM Bank, strong credit profile and eligibility of the bonds, the Issue had a peak order book of USD 8 Billion, which was the highest ever on any public US$ bond issuance from an Indian financial institution. This Bond Issuance continues to showcase the India growth story and stature of the Indian economy. Like last year, it is expected to be the catalyst to a strong bond market ahead in the year.
The transaction was led by JSA Partners, Anish Mashruwala and Uttara Kolhatkar.
Anish is the current Co-Chair of the Finance Practice at JSA and heads the Banking & Finance group. He also focuses on Cross Border Investments & Acquisitions.