Clifford Chance advises on HDFC Bank’s US$1.75 billion senior notes offering via India’s GIFT City

Global law firm Clifford Chance has advised the joint global coordinators, lead managers and bookrunners on HDFC Bank Limited’s US$1.75 billion dual-tranche senior unsecured notes offering through its GIFT City Branch. The offering comprised US$500 million three-year senior unsecured fixed-rate notes and US$1.25 billion five-year senior unsecured fixed-rate notes, issued under Rule 144A and Regulation S format.

The proceeds will be used to meet funding requirements of the Bank’s foreign branches,  business expansion and for general corporate purposes.

BNP Paribas, J.P. Morgan Securities plc, Mashreqbank psc, Merrill Lynch (Singapore) Pte. Ltd., MUFG Securities Asia Limited Singapore Branch, Société Générale, Standard Chartered Bank and Wells Fargo Securities, LLC acted as joint global coordinators, lead managers and bookrunners on the offering.

The transaction is understood to be the largest US dollar bank issuance from India since the global financial crisis, the largest US dollar deal from India in 2026, and to include the largest single five-year tranche issued by an Indian private sector bank since the global financial crisis.

Gareth Deiner, Partner said: “This transaction reflects strong international investor appetite for high-quality Indian financial institution issuers and demonstrates the depth of demand available in light of recent RBI initiatives for Indian banks seeking access to the global debt capital markets. The combination of a constructive policy backdrop and the successful execution of a transaction of this scale highlights continued momentum in cross-border funding activity and the growing sophistication of issuers accessing international markets”.

Gareth led the Clifford Chance team with support from counsel Stephanie Liman, senior associate Nigel Leong and associate Adam Fong.

Clifford Chance has an established track record of advising on international bond issuances by issuers accessing global markets through GIFT City. The firm advised on ReNew’s US$600 million five-year senior secured green bonds, the first international bond issuance from GIFT City.