Khaitan & Co advised HSBC Bank, Axis Bank, Barclays Bank, BNP Paribas, Citigroup Global Markets, J.P. Morgan Securities, MUFG Securities Asia, Crédit Agricole, Emirates NBD, Mashreqbank, and Société Générale, as managers, in connection with the dual-tranche notes offering by Axis Bank Ltd under its existing USD 5 billion Global Medium Term Note (GMTN) programme. The offering comprised 6.875% USD 500 million in Additional Tier 1 (AT1) perpetual notes and 5.348% USD 300 million in 5-year senior unsecured notes, aggregating USD 800 million.
The transaction attracted robust investor demand, with orders exceeding USD 2.2 billion, enabling Axis Bank to price the issuance within initial price guidance. The fundraising utilized the Reserve Bank of India's concessional swap facility, and the bonds will be listed on India INX and NSE IX stock exchanges in GIFT City.
The core team consisted of Manisha Shroff (Partner), Rajshekhar Upadhyaya (Principal Associate), Mayank Chaturvedi (Senior Associate) and Siddarth Goel (Senior Associate).