In January 2011, Crédit Agricole CIB acted as lead manager and bookrunner, alongside Royal Bank of Scotland and Standard Chartered, for a maiden USD 500 million Regulation SRules governing offers and sales made outside the United States without registration under the Securities Act of 1933. bond issue for Rural Electrification Corporation. This 5-year benchmark issue is maturing in 2016. 

This transaction was the first Indian issue in 2011 and the first international bond issue from an Indian non-banking finance company. Execution was successful with a nearly three times order book. The strong order book of USD 1.4 billion was of excellent quality, with over 150 accounts: Asian investors took 62%, followed by European investors with a 37% share.
The coupon was the lowest ever achieved by an Indian issuer.

"Crédit Agricole CIB was in the arranger group thanks to continuous engagement with the client by Coverage, Debt and Crédit Markets and Fixed Income Markets teams", explains Abhishek Dimri, Relationship Manager. 

Founded in 1969, Rural Electrification Corporation is a leading financial institution in the power infrastructure sector engaged in the financing and promotion of transmission, distribution and generation projects throughout India. Government of India holds 66.8% of Rural Electrification Corporation’s share capital.