BMR Legal is advising Indiabulls Housing Finance, one of India's largest mortgage lenders, on the issuance of its $200 million “masala” bonds on the Singapore Stock Exchange. Clifford Chance and AZB & Partners are representing the bookrunners.

The Clifford Chance team advising the bookrunners Axis Bank, Bank of America, Merrill Lynch, Citigroup, Credit Suisse, Nomura and Yes Bank was led by partner Rahul Guptan. Partner Matt Fairclough acted for Citicorp International as trustee for the noteholders. 

“Masala” bonds are Indian rupee-denominated bonds issued in offshore capital markets. This is only the fourth “masala” bond issued following the adoption of rules by the Reserve Bank of India that allowed for such bonds.