Linklaters advises HDFC Bank on landmark dual-tranche US$1.75bn GIFT City senior notes issuance

Linklaters has advised HDFC Bank Limited, acting through its GIFT City Branch, on its landmark dual-tranche Rule 144A and Regulation S issuance of US$1.75bn senior unsecured fixed-rate notes.

The transaction represents one of the largest debt capital markets fundraisings by an Indian financial institution. It attracted approximately US$7bn in investor orders, reflecting strong demand from investors across international capital markets.

The offering comprised US$500m 5.159% senior unsecured fixed-rate notes due 2029 and
US$1.25bn 5.401% senior unsecured fixed-rate notes due 2031. The notes will be listed on India International Exchange (IFSC) Limited and NSE International Exchange/NSE IFSC Limited.

HDFC Bank is India’s largest private-sector bank by assets, providing a wide range of banking and financial services to individuals and businesses.

The Linklaters team was led by partner and Head of India Practice Amit Singh and capital markets partner Xunming Lim, with support from managing associates Ashwin Tiwari and Alwyn Loy and associate Edward Lee.

Amit Singh, partner and Head of India Practice at Linklaters, commented:

“We are delighted to have advised HDFC Bank on this landmark international bond issuance. The scale of the transaction and the strong support from investors across global markets demonstrate HDFC Bank’s established access to the international capital markets and continued international investor interest in Indian financial institutions. The transaction also highlights the growing importance of GIFT City as a platform for Indian issuers accessing the international debt capital markets.”

With more than 50 years of experience in Asia, Linklaters provides clients with practical expertise and commercial insights to capitalise on opportunities. This transaction further builds on the firm’s experience advising on international bond issuances through GIFT City, including Continuum Group’s US$450m dual-series bond issuance and concurrent tender offer, as well as ReNew Energy’s landmark US$600m senior secured green bond issuance.