The Asset
Country Awards 2020

This was the largest ever capital raised for an Indian private sector company and the largest Indian convertible bond (CB) issuance since 2007. The CB tranche was upsized from US$750 million due to strong demand.

The second Reit listing in India, the deal was well-oversubscribed with strong investor participation across Asia, US and Europe, including GIC and Capital Group, amid weak market backdrop given the impact of Covid-19 on the real estate sector.

The rights issue was the largest in Indian capital markets history and the first primary equity offering by Reliance in over 26 years. The transaction used a partly paid structure whereby investors paid 25% upfront, another 25% after 12 months of initial payment and remaining 50% after 18 months of initial payment.

The monetization exercise was done across eight sell downs in 2019 and 2020 through block trades and offers for sale – all on a sole basis – ably timing each transaction to capture a positive market launch window.

The largest block trade in banking, financial services and insurance sector in India since 2009 and generated strong demand from long only international and domestic investors.

The bond offering included the first 30-year tenor by an Indian state-owned enterprise with the proceeds to be used partly to acquire rolling stock assets to be leased by the Indian Ministry of Railways.

The first US private placement debt from an Indian company since 2007 and launched in a co-issuer style debut offering. The 30-year deal was marketed to global private placement accounts with project finance and infrastructure underwriting capability in a club-style execution.

This is the first US dollar bond issuance by a private integrated utility company from India and it garnered the largest oversubscription of an investment grade bond issuance from India since 2017.

The deal achieved the tightest ever coupon for a 10-year bond by an Indian entity and was priced flat to the theoretical Eximbank’s 10-year fair value.

Upsized from the initial launch indication of US$1.25 billion, the deal represented the largest single tranche transaction out of India and the largest single high yield bond issuance in Asia, outside of Japan, in 2020.

The two-tier financing structure is designed to assist the group in the completion of its US$440 million acquisition of a cement company.

The consent solicitation exercise is designed to primarily provide HMEL with sufficient flexibility to draw down committed credit lines for completion of its expansion to its petrochemical capacity in a timely and efficient manner. It was successfully executed with investors approval in excess of 95% of the votes cast.

This is the largest ever yen-denominated loan to be issued by a non-Japanese corporate. It featured a bespoke loan structure to match the company’s liquidity solution.

This was the largest leveraged loan financing from India.

The acquisition doubles the size of Clarivate Analytics’ life sciences business and enhances the platform for Decision Resources’ AI and analytics-enabled solutions to support its customers in their quest to improve patient health outcomes.