HONG KONG: Allen & Overy has advised ANZ, BNP Paribas, Citigroup, HSBC, J.P. Morgan and Standard Chartered Bank as joint lead managers on IDBI Bank Limited’s inaugural USD350 million Regulation S green bond issue, the second Indian bank to issue green bonds internationally.  The Hong Kong based A&O team had earlier advised the joint lead managers on Export-Import Bank of India’s issue of green bonds, which was the first international issue of green bonds from India.

The proceeds of the bond issue will be used to fund eligible green projects in India and allocations will be made under the issuer’s green bonds framework. The framework focuses on four aspects, namely use of proceeds, process for project evaluation and selection, management of proceeds and reporting.  An independent assurance provider will certify the annual updates by IDBI Bank on the use of the proceeds of these notes.

Amit Singh led the Allen & Overy team from Hong Kong with support from lawyers Paul Porter and Woo Suk Hong.

Commenting, Allen & Overy partner Amit Singh said: “With the Indian government’s increase in focus on clean energy initiatives, we expect to see more issuances such as these.  This bond issue is another demonstration of our leadership position in the Indian debt capital markets space and our commitment to be at the forefront of the development of new products.”