Asia’s largest green-bond offer succeeds with top firms’ advice

by Sol Dolor16 Aug 2019

Two leading Indian firms have worked with global counterparts on the largest green-bond offer so far this year in Asia.

Cyril Amarchand Mangaldas and Shearman & Sterling advised Greenko Energy on its US$950m green-bond offering. Greenko is backed by GIC Holdings and Abu Dhabi Investment Authority (ADIA), which hold 61% and 15% stakes, respectively.

The banks that worked on the deal – Barclays, Citigroup, Deutsche Bank, Emirates NBD, Investec, JPMorgan, Morgan Stanley, Standard Chartered Bank – were advised by Talwar Thakore & Associates and Ashurst. In 2017, Ashurst advised bookrunners Barclays, Deutsche Bank, Investec, JPMorgan and Morgan Stanley in Greenko's US$1bn green bond offering, which was then the largest-ever offering of its kind in Asia.

The Shearman & Sterling team was led by capital markets partner Andrew Schleider in Singapore. He was supported by capital markets associate Jeremy Wang in Singapore and and capital markets senior legal assistant Derek Perriam in Hong Kong.

The most recent offering was three times oversubscribed, Greenko Group president Mahesh Kolli told Indian daily Livemint. Aside from being the biggest of its kind in Asia, the offer is the largest high yield bond from the country this year, Kolli said.

GIC and ADIA had just recently agreed to invest an additional US$329m into Greenko, which owns operating clean-energy assets with a capacity of 4.2GW. The company also has projects with a capacity of 7GW under construction.