Ranajoy Basu

Overview

Ranajoy Basu is the head of the Firm’s India practice and global Co-chair of the Firm’s pro bono practice. His core practice involves advising financial institutions, funds, non-bank lenders, private equity firms and corporates on structured finance, asset-backed finance, securitisation and debt portfolio acquisitions and financings. Asset classes on which he advises include trade receivables, residential and commercial mortgages, consumer loans, autos, shipping and aviation loans and leases.

He also regularly advises investors and transaction parties (including service providers, trustees and agents) on defaults, enforcements and disputes relating to capital markets and structured finance transactions.

Ranajoy is recognised as an industry leader by both Legal 500 and Chambers. He regularly advises on a broad range of capital markets and complex structured finance transactions including:

Securitisation, forward flow and warehousing
Asset backed private credit
Virtual assets
Structured securities, insured credit and repackagings
Receivables finance and supply chain finance
Collateralized financing and risk transfer trades
Financing of specialty finance and fintech platforms
Financing carbon credits/emissions certificates
Preferred equity and junior debt financing of real estate businesses
Loan portfolio sales
Margin loans, collars and other financings of listed equities
Fund finance including subscription line facilities, GP support facilities and NAV facilities
Emerging markets
Islamic finance
Venture debt

Ranajoy is recognised as one of the world’s leading lawyers in cross-border social impact finance structures, including social and development impact bonds, renewable energy and “green” structured finance transactions. Ranajoy has advised on some of the most innovative financial inclusion structures around the world, including the Educate Girls Social Impact Bond, which aims to improve the education of children in India, and the recent ground-breaking Utkrisht Bond, which is aimed at reducing maternal and infant mortality. Ranajoy continues to advise foundations, governments, NGOs, impact funds and financial institutions on structuring social impact finance solutions. He recently advised on the groundbreaking International Finance Facility for Education, which is the largest funding mechanism targeting education programmes around the world.

Ranajoy is recognised as a pioneer in impact investment. He is lead counsel to the UNHCR’s Global Islamic Fund for Refugees. His work has included the market leading ‘Educate Girls’ bond which was the first development impact bond of its kind. His clients have ranged from GAVI, UNICEF, World Bank, IFC, to governments, financial institutions, funds, charitable institutions, NGOs and microfinance institutions around the world. He has been involved on groundbreaking work for Wattpad, Theirworld and The Global Business Coalition for Education.

Read Ranajoy’s biography in Japanese here.

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Results

Structured Finance and Capital Markets

Advised the sponsors in relation to a ground breaking securitisation transaction relating to data centers
Advised the sponsors in relation to a number of fund finance securitisations
Advised Federated Hermes in relation to a number of private credit asset backed transactions
Acted for Capita in relation to the sale by the UK Treasury of £13,000,000,000 of Northern Rock mortgages to Cerberus Capital Management
Advised Marathon Asset Management in relation to a number of ground breaking non-performing loan portfolio securitisations

Advised a near prime consumer lender on their forward flow arrangement with a credit fund
Advised the senior bank on a tranched securitisation of UK consumer loans which achieved off-balance sheet treatment for the originator through the inclusion of a control party
Advised RBS in relation to a major credit card securitization with SAV
Advised Capita on the £6.1 billion securitisation of a portfolio of UK residential mortgage loans by Cerberus European Residential Holdings, the largest transaction of its kind since the global financial crisis*
Advised an importer of Japanese cars on a securtisation where the importer would sell receivables arising from the sale of their vehicles to dealers in various jurisdictions in Europe
Advised Innovative International Acquisition Corp. (the “Buyer”), a publicly traded special purpose acquisition company, in relation to its entry into a definitive merger agreement with Zoomcar, Inc. (“Zoomcar”), the world’s largest emerging market focused car sharing platform
Acted for the Ministry of Finance for the Republic of Kazakhstan on its Reg S/Rule 144a US$10 billion medium term note programme.*
Advised the property nominees in relation to an underlying sale and leaseback securitisations, specifically with respect to the sale of 21 stores for a major retail supermarket in the United Kingdom
Advised the issuer across eight pre-2008 legacy Lehman Brothers Japanese apartment loan securitizations, in relation to the transition from Yen Libor to the Tokyo Term Risk Free Rate
Advised the security agent and bridge notes trustee in relation to a complex restructuring for Frigoglass S.A.I.C
Advised a major corporate trust house in all its corporate trust roles, in relation to Nostrum Oil & Gas PLC’s financial restructuring. The transaction was implemented by way of an English law scheme of arrangement and remains one of a few English law schemes, run through The Depository Trust Company in relation to USD high yield bonds
Advised a corporate service provider as property nominees in relation to an underlying sale and leaseback securitisations, specifically with respect to the sale of 21 stores for a major retail supermarket in the United Kingdom
Advised Deutsche Bank AG, London Branch together with two multi-jurisdictional Wilmington teams in both London and New York with regard to its roles in relation to the Dutch reusable transit packaging group, Schoeller Allibert’s recapitalisation transaction
Advising the trustee, security agent, paying agent, registrar and transfer agent with respect to Var Energi’s high yield offering of its US $1,000,000,000 7.5% Senior Notes due 2028 and its US $1,000,000,000 8.0% senior notes due 2032
Advised GLAS through its multifaceted involvement as Note Agent, Security Agent and Cash Manager in relation to a successful restructuring for the Digicel Group
Assisted Basileia Investment Holdings UK Limited with an English law review of a ZAR1 billion Medium Term Note Programme and the first Series issued under the Programme under a pricing supplement for the issuance of ZAR167 million Floating Rate Notes
Advised the trustee in relation to one of the largest financial, debt and corporate restructurings for Naviera Armas, S.A. and its subsidiaries (c. EUR 1 billion). The complex cross-border restructuring was implemented in pursuant to a Spanish law homologación judicial (effectively a Spanish scheme of arrangement)
Advised Deutsche Bank AG, London Branch as Security Agent in connection with a number of land-related matters undertaken by Pinewood Studios and Shepperton Studios, including: (i) an entry into an agreement with a local planning authority in relation to planning obligations (the “Section 106 Agreement”); (ii) a grant of an easement; and (iii) a grant of a wayleave, which in each case required consent of the Security Agent
Advised the Bank of Bahrain & Kuwait B.S.C on its US$2,000,000,000 medium term note programme*
Acted for Capita in relation to the sale by the UK Treasury of £13,000,000,000 of Northern Rock mortgages to Cerberus Capital Management*
Acted for Bank of New York Mellon in relation to Wesser Capital Limited’s US$20 billion certificate programme arranged by Morgan Stanley International Plc*

Social Impact Finance

Acted on the world’s first cross-border development impact bond*
Advised the United Nations in establishing the Global Fund for Refugees, a first-of-its-kind USD 500 million shariah-compliant global fund supporting the developmental and humanitarian needs of forcibly displaced people
Advised The Education Outcome Fund and UNICEF in setting up a joint fund structure, which involved the complexities around alignment between the outcomes-based model in relation to EOF’s underlying education programs in various jurisdictions and conforming the contractual structure to the fund establishment within the composition of UNICEF
Advised the British Asian Trust in relation to the design and structuring of the first of its kind impact bond for improving the skills of young Indians and addressing the youth employment crisis, specifically that for young women
Advised on the largest cross-border Development Impact Bond transaction, including USAid and UBS Optimus*
Advised the Global Business Coalition for Education and the United Nations on the creation of a Global Impact Education Fund targeting education of children*
Advised HSBC on a Gender Equality Bond*
Advised Social Finance on a number of financial inclusion projects*
Advised Shared Impact on setting up a cross-border payment platform relating to financial inclusion*
Advised the GAVI Alliance on its ground-breaking international finance facility for immunization (IFFIm)*

*Matter handled prior to joining McDermott

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Recognitions

The Legal 500 UK, Emerging markets, Leading Lawyer, 2021-2025
Legal 500, Private Practice Champion of the Year, 2024
The Best Lawyers in the United Kingdom, Capital Markets Law, 2023-2024
The Legal 500 UK ESG Awards, Private Practice Champion of the Year in Environmental/Sustainability, 2024