Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites.
Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. For avoidance of any doubts and to make it easier, you may consider any links to external websites as sponsored links. Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Largest debt issuance ever by an Indian firm, offering is denominated in US dollars and euros

Milbank, Tweed, Hadley & McCloy advised major underwriters of the approximately US$2 billion international dual currency debt issuance by Bharti Airtel.  It was the largest bond offering ever by an Indian company.

In what is also the first dual currency securities offering by an Indian firm, Bharti raised about US$1 billion in 5.350% notes due 2024, and €750 million in 3.375% notes due 2021. Proceeds will be used to refinance current debt.

Milbank Singapore-based Securities partner Naomi Ishikawa led the Milbank team advising Bank of America Merrill Lynch, Barclays, BNP Paribas, HSBC, JPMorgan, and Standard Chartered. New Delhi-based Axon Partners LLC also acted as counsel to the underwriters.

Naomi Ishikawa
Naomi Ishikawa

Bharti Airtel, headquartered in New Delhi, provides wireless and fiber-optic communications across India and in 20 Asian and African countries. It is one of the largest mobile-service operators in the world.

“We are delighted to have played a part in Bharti’s historic and stunningly successful international capital markets offering,” Ms. Ishikawa said. “The results demonstrate the strength of investor confidence in Bharti’s developing-country strategy and also continued demand for modern telecom services in all parts of the globe.”

“This represents another in a long line of financings by the Bharti Group that we’ve had the privilege to work on,” added Milbank partner Glenn Gerstell, who heads the firm’s India practice out of Washington, D.C. “The various financings have ranged from record bond offerings to the precedent setting IPO of Bharti Infratel.  Now that the recent national elections have positioned India for a period of political stability, we expect to see a significant increase in Indian corporates accessing the international capital markets.”

Ms. Ishikawa was assisted by associates Leroy Langeveld, Jim McFarlane and Adrian Yeo.