Allen & Overy Advises on Exim India’s Inaugural U.S. Dollar Green Bond

Debt Provider – Kalpana Morparia

Debt Provider – Kaku Nakhate

Allen & Overy has advised Bank of America Merrill Lynch and J.P. Morgan as joint bookrunners on Export-Import Bank of India’s inaugural USD500 million Regulation S green bond issue. The transaction marks the first USD-denominated green bond out of India as well as the first benchmark-sized green bond out of Asia in 2015.

The proceeds of the bond issue will be used to fund eligible green projects in countries like Bangladesh and Sri Lanka. The issuer is aiming for the bonds to qualify for inclusion in the Bank of America Merrill Lynch Green Bond Index.
Green bonds are becoming an important new market as an increasing set of investors seek more socially responsible investment options. The demand for green bonds was initially driven by multilateral development banks. However, public institutions, utilities, corporations and financial institutions are developing an appetite for the product.

Amit Singh led the Allen & Overy team from Hong Kong with support from lawyers Paul Porter, Garrick Merlo and Debolina Saha.

Commenting, Allen & Overy partner Amit Singh said: “We are pleased to have had the opportunity to advise on Exim India’s first USD green bond issue. This is a significant deal as it reflects a growing demand for this product worldwide. We were especially delighted to work on this landmark transaction as it reflects in small measure our own commitment as a firm to the environment. The documentation requirements for this product are evolving and we expect to be involved in many more green bond issues over the next few years.”