JSA Advises J.P. Morgan, HSBC and SCB on IIFL Finance GMTN Programme Update
JSA Advocates & Solicitors has advised the arrangers and dealers on the update of IIFL Finance Limited‘s US$ 1 billion secured Global Medium Term Note (GMTN) Programme, with J.P. Morgan Securities plc, The Hongkong and Shanghai Banking Corporation Limited, and Standard Chartered Bank acting as arrangers and dealers. The mandate, announced on 5 June 2026, adds to a series of high-profile international debt capital markets instructions involving the programme. For a broader view of recent law firm deal activity, see the Deal Meter.
Introduction
JSA Advocates & Solicitors advised J.P. Morgan Securities plc, The Hongkong and Shanghai Banking Corporation Limited, and Standard Chartered Bank, as arrangers and dealers, in connection with the update of IIFL Finance Limited‘s US$ 1 billion secured Global Medium Term Note Programme — a platform that enables IIFL Finance to issue notes from time to time in the international debt capital markets.
The programme is listed on the IFSC GIFT City stock exchanges, India INX and NSE IX, and notes issued under it will be issued in compliance with Rule 144A and Regulation S of the U.S. Securities Act, 1933.
IIFL Finance Limited is a leading non-banking financial company in India, offering a diversified range of lending and financial products, including gold loans, home loans, business loans, microfinance, and capital market finance solutions.
Deal Value
The programme size is US$ 1 billion. IIFL Finance has separately announced the issuance of fixed rate, senior, secured notes amounting to USD 500 million under the programme, rated B+ by both S&P and Fitch, with a tenure of 3.25 years, allotment on 10 June 2026, and a coupon rate of 7.60% per annum payable semi-annually.
Legal Teams Involved
JSA Advocates & Solicitors — Advised J.P. Morgan Securities plc, The Hongkong and Shanghai Banking Corporation Limited, and Standard Chartered Bank (Arrangers and Dealers)
Transaction Leadership
- Arka Mookerjee, Partner
- Soumitra Majumdar, Partner
Capital Markets Team
- Pracheta Bhattacharya, Partner
- Aditya Sureka, Associate
Banking & Finance Team
- Deboshree Mukherjee, Principal Associate
Khaitan & Co — Advised IIFL Finance Limited (Issuer)
The Khaitan & Co team was led by Manisha Shroff (Partner), with support from Rajshekhar Upadhyaya (Principal Associate), Nikunj Mehta (Senior Associate), Charul Lunia (Associate), Nandini Arya (Associate), and Shivansh Kumar Jain (Associate). The Tax team comprised Vinita Krishnan (Executive Director), Ashish Mehta (Partner), Sneh Shah (Partner), Ujjval Gangwal (Principal Associate), and Pal Jain (Associate).
Significance and Impact
The update of the GMTN Programme carries notable significance for India’s international debt capital markets. IIFL Finance has raised $500 million through a fixed-rate senior secured social bond priced at 7.60% with a tenor of 3.25 years, marking the company’s re-entry into international bond markets since March 2025 and its first social bond issuance.
The bond issue received strong demand from global institutional investors, with the final order book reaching around $2 billion. The issue also marks the first dollar bond issuance from India since January, when ReNew Energy raised $600 million through a five-year bond.
The proceeds from the issuance will be used in accordance with IIFL Finance’s Social Finance Framework, including onward lending and supporting business growth in line with External Commercial Borrowings (ECB) Regulations.
Conclusion
The update of IIFL Finance Limited‘s US$ 1 billion secured GMTN Programme, with JSA Advocates & Solicitors advising the arrangers and Khaitan & Co advising the issuer, underscores the growing depth of India’s cross-border debt capital markets. The transaction signals renewed appetite from global institutional investors for Indian NBFC paper and sets a benchmark for future international issuances from the sector.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
