Allen & Overy has advised Axis Bank, Barclays, Citigroup, Crédit Agricole, HSBC, J.P. Morgan, Merrill Lynch and Standard Chartered Bank as joint lead managers in connection with the Regulation S offering of senior unsecured notes due 2022 by Canara Bank (Canara). The dollar-denominated 5-year 3.250% bond raised USD400 million for the Indian issuer.

Canara is one of the largest nationalised bank in India in terms of total advances and deposits and is the fourth largest nationalised bank in India in terms of asset size. The bank has developed into a financial conglomerate with eight subsidiaries, one sponsored entity and one joint venture, operating in a variety of sectors including investment management, venture capital funding, factoring, software development and consultancy, housing finance, financial services and gilt securities trading.
 
Commenting on the transaction, Allen & Overy partner Amit Singh said: “We are pleased to have represented the managers on Canara Bank’s bond issuance. This issuance is another in a long list of investment grade and high yield bond transactions from India that we have advised on over the last few years, including the substantial majority of bond transactions by Indian banks.”
 
The Allen & Overy team in Hong Kong was led by partner Amit Singh, with support from lawyers David Cameron and Debolina Saha.