Ranajoy Basu

Overview

Ranajoy Basu focuses his practice on structured finance with key experience in debt capital markets transactions. He has a broad range of experience in international capital markets advising a wide range of participants, including arrangers, originators, servicers and trustees, in connection with the securitisation of a wide variety of assets in numerous jurisdictions, including emerging markets transactions.

Ranajoy has a particular focus on emerging markets transactions, and is recognised as an industry leader by both, Legal 500 and Chambers. He joins as the Head of the Firm’s India practice. He regularly advises on a broad range of capital markets and complex structured finance transactions including external foreign currency convertible bonds (FCCBs) and qualified institutional placements (QIPs) relating to India. He has advised banks on some of the largest corporate debt defaults and restructuring in India.

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 ground breaking International Finance Facility for Education, which is the largest funding mechanism targeting education programmes around the world.

Results

Securitisation and structured products

Advised Mizuho as Arranger on GBP 200m IFRS off-balance sheet securitisation of consumer receivables originated by Hitachi Capital*
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 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 Wilmington, Deutsche Bank, Citi, BNYM and Intertrust on several securitisation matters restructuring post-financial crisis*
Advised GemCorp in a unique private securitisation of trade credit insured trade receivables originated and serviced by the Tower Trade Group*
Advised Deutsche Bank on Lloyds £2.32 billion residential mortgage backed securitisation*

Debt Capital Markets

Acted for the Ministry of Finance for the Republic of Kazakhstan on its Reg S/Rule 144a US$10 billion medium term note programme*
Acted for Thames Water Utilities Cayman Finance Limited as issuer on £1,900,000,000 medium term note programme*
Acted for African Bank in relation to its US$6,000,000,000 medium term note programme*
Acted for African Bank in relation to its Rand 4,000,000,000 Rights Offering*
Acted for the Arrangers on the first cross-border development impact bond involving UBS and the Children’s International Fund for Education*
Advised the Bank of Bahrain & Kuwait B.S.C on its US$2,000,000,000 medium term note programme*
Advised the GAVI Alliance on its ground-breaking international finance facility for immunization (IFFIm)*
Advised on several privately placed bond issuances in the UK and emerging markets*

Representing Trustees and Agents

Advised trustee on the market leading high yield transaction for Iceland Foods*
Acted for Citi in relation to a USD 800,000,000 high-yield bond issuance by IHS Netherlands Holdco B.V., which was the largest corporate high yield bond issued out of Africa*
Acted for Wilmington Trust and Deutsche Bank, AG in relation to a €210,000,000 high-yield bond issuance by Schoeller Allibert Group B.V*
Acted for trustee in relation to a €230,000,000 high-yield bond issuance by Garfunkelux Holdco 3 S.A*
Represented US Bank and Elavon in relation to the first index-linked solar securitisations in the United Kingdom*
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*

India Business

Acted for ICICI Bank (the largest private sector bank in India) In relation to one of the largest corporate restructurings involving the GVK Group*
Acted for the Bank of India in connection with numerous foreign currency facility agreements for Videocon Hydrocarbon Holdings Limited totalling over USD 1.1 billion. This corporate financing relates to one of the largest restructurings in India for the Videocon Group, an Indian conglomerate with operations in the electronics, retail, telecoms and oil exploration sectors*
Advised Afrasia Bank as lender in connection with a US$ 15,000,000 external commercial borrowing in favour of Infrastructure Leasing and Financial Services Limited (IL&FS), a leading infrastructure development and financial services group in India*
Acted for the banks in relation to US$1.086 billion financing for Sterling Global Oil Resources Pvt Ltd*
Advised IndusInd in relation to Diamond Receivables Securitisations*
Advised the syndicate of banks in relation to several cross-border financings for Shapoorji Palonji*
Advised a number of banks in relation to their cross-border financings through the new International Business Units (IBUs) in Gift City, Gujarat*
Advised on numerous defaults and complex debt restructurings including one of the largest NPL transactions in India*
Acted on a number of trade receivables securitisations for Falcon, HSBC and Xangbo*

Social Impact Finance

Acted on the first cross-border development impact bond in the World*
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*

*Matter handled prior to joining McDermott

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Recognitions

The Best Lawyers in the United Kingdom, Capital Markets Law, 2023-2024
Legal 500 UK, Leading Partner, Emerging Markets, 2021-2025
Legal 500 UK ESG Awards, Private Practice Champion of the Year in Environmental/Sustainability, 2024
Chambers Crisis and Risk Management, Global-wide: Environmental, Social & Governance Risk, 2024
India Business Law Journal, International A-List lawyer, 2023-2024
Legal Era Achievers Awards, Cross Border Lawyer of the Year: Banking & Finance, 2023
IFLR1000, Capital markets: Debt and UK Capital markets: Structured finance and securitisation, 2022-2023