Allen & Overy has advised Export-Import Bank of India (Exim) in connection with the Regulation S offering of floating rate Formosa notes due 2022 under its USD10bn global medium term note programme. The dollar-denominated five-year bond raised USD400m for the Indian issuer. The notes were dual listed on the Singapore Exchange and the Taipei Exchange. This transaction marked the maiden Formosa bond issuance by Exim. Formosa bonds are notes that are sold in Taiwan but denominated in foreign currency.

Exim is wholly owned by the Indian government and extends lines of credits to overseas financial institutions, national or regional development banks, sovereign governments and other overseas entities, to finance and promote India’s exports to its trading partners, particularly in developing countries.

Commenting on the transaction, Allen & Overy partner Amit Singh said: “We are honoured to have assisted Exim Bank on its debut Formosa issuance. This successful capital raise further cements our longstanding relationship with Exim Bank. We continue to advise on some of the most interesting and innovative transactions in India and across Asia Pacific.”

The Allen & Overy Hong Kong team was led by partner Amit Singh, with support from lawyers David Cameron, Debolina Saha and Grace Yumul.