IIFL Finance, a leading Indian financial institution specializing in gold financing, successfully completed the conversion of its Euro Medium Term Note (ETMN) Programme into a Global Medium Term Note (GMTN) programme. This milestone paved the way for the company’s issuance of $325 million in 8.75% Senior Notes due in 2028.
The transaction saw an overwhelming response from global institutional investors across Asia, Europe, and the United States. Starting with an initial pricing guidance of 9%, demand peaked at $1.15 billion, with the final order book exceeding $730 million.
Investors in Asia received 20%, while 25% was allocated to EMEA and 54% to the US. Notably, 95% of the allocation went to high-quality fund managers.
This successful issuance follows the Reserve Bank of India’s decision in September 2024 to lift a ban on IIFL’s gold financing business, which significantly strengthened investor confidence.
IIFL Finance is a prominent financial services provider in India, offering a wide range of financial products and services. With a focus on gold financing, consumer loans, and asset management, IIFL Finance is committed to empowering its customers by providing them with flexible, accessible, and reliable financial solutions. The company has established a strong presence in the Indian market and is recognized for its deep understanding of customer needs and its ability to deliver value-driven products. Through a robust network of branches and cutting-edge technology, IIFL Finance aims to serve a diverse customer base while maintaining a strong commitment to ethical business practices and regulatory compliance. As a trusted financial partner, IIFL Finance is continually evolving to meet the growing demands of India's dynamic financial landscape.
Philip Lee, Partner at DLA Piper, emphasized that this deal not only reflects strong investor demand but also underscores the growing trend of Indian and other Asian companies upgrading their MTN programmes to tap into the more liquid US markets.
The DLA Piper team, led by Philip Lee and supported by senior associate Andhari Sidharta, demonstrated their expertise in English and US law, showcasing their commitment to supporting clients in achieving their financial goals.
DLA Piper is a global law firm with a strong reputation for providing legal services across a broad spectrum of industries and sectors. With offices in more than 40 countries, the firm offers comprehensive legal solutions in areas such as corporate law, litigation, intellectual property, real estate, and regulatory matters. DLA Piper serves a diverse range of clients, including multinational corporations, governments, and individuals, delivering innovative and strategic advice. The firm is known for its collaborative approach, providing tailored legal expertise to address complex, cross-border issues while maintaining a commitment to exceptional client service.
