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Accessing the Global Markets

Through London

London Stock Exchange Masala Bond Offering

September 2016

“Today, we have outlined a bold and ambitious vision for

our strategic partnership, and the decisions we have

taken today reflect our firm commitment to pursue it and

the confidence to achieve it. Indeed, the outcomes today

have shown that we have already taken our relationship

to a new level.”

Narendra Modi

“It’s a real opportunity to open a new chapter in the

relationship between our two countries.”

David Cameron

“We will also increasingly raise funds in

London’s financial market. I am pleased

that we will issue a railways rupee bond

in London stock market. This is – for

this is where the journey of Indian

Railways had begun.”

Narendra Modi

“We will work together with the British

Government, industry, and the financial market

to deepen our relationship and harness that

interest in India’s infrastructure. Very soon,

these bonds will become strong instruments for

engagement between our financial markets.”

Narendra Modi

Source: Joint press release UK-India Summit, 12 November 2015, https://www.gov.uk/

“रूपी ब ॉंड अपने आप में भारत की आर्थिक

सॉंपन्नता का एक महत्वपरू्ि ममश्रर् है और

हहॉंदसु्तान के हर नागररक को इसको गौरव के रूप

में देखना चाहहए और इसको उजागर करना चाहहए, तभी तो भारत की ताक़त बढ़ती है“

Narendra Modi

India – UK Finance Partnership

“Strengthening the economic and financial links between India

and the UK is a key priority for the government, and a stable

and competitive financial services industry in the UK is an

important asset to the UK and to the rest of the world.”

Priti Patel, Exchequer Secretary to HM Treasury and the

Prime Minister’s Indian Diaspora Champion

“London Stock Exchange is one of the premier hubs globally

for any financial activity”

Arun Jaitley, Honourable Minister of Finance

London Stock Exchange has more Indian

companies listed on our equity and debt

markets than any other international market

and provides cutting edge technology to

some of India’s leading exchanges. India’s

most dynamic companies have access to

the world’s largest pool of institutional

investment capital here in London.”

Xavier Rolet, CEO, LSEG

Roundtable with Railways Minister, 30 October 2015 13 March 2015, international investors roundtable, LSE

18 Nov 2014, IFC Market Open

London Stock Exchange

LSEG at the heart of India-UK EFD

High profile repeat

issuance from

SSA’s

6 New Masala bonds

listed in 2016 YTD

4 New Masala bonds

listed in 2015

14 INR bonds currently

listed

33 INR bonds listed

historically

April 2016 Visit of Minister Piyush Goyal

“Minister of Power and Coal Piyush Goyal, who is on a two-day visit to the UK, visited the London Stock Exchange. During the visit,

Goyal met officials from Natgrid and UK Power Network and explained about his plans and vision to increase the power generation

in India and renewable energy scale up plan has been drawn up to 2022. According to sources, Goyal emphasised the need for the

developed world to show its commitment towards climate change by putting money in climate finance.”

Business Standard, 21 April 2016

“In an attempt to raise resources for India’s ambitious green energy programme, state-run firms, such as NTPC Ltd, Neyveli Lignite

Corp. Ltd, Power Finance Corp. Ltd (PFC), Rural Electrification Corp. Ltd (REC) and PTC India Ltd, plan to issue masala bonds to

raise $1 billion, according to a government statement released on Wednesday.”

VCCIRCLE, 20 April 2016

London Stock Exchange is now the largest Masala bond centre globally. Ever since the first Masala bond listing in London in 2007, we are

firmly committed to developing long-term strategic partnerships with issuers to ensure the success of this financing stream and help Masala

bonds evolve from specialist to a mainstream asset class.

“IFC issued the bonds in

London to leverage the

city’s standing as a

premier financial centre.

The vast majority of

investors are European

insurance companies.” ,

Nov 2014, IFC press

release for INR 10bn,

10year 6.3% bond

“Addressing climate change

is a priority for IFC in India.

IFC’s green Masala bond

demonstrates the powerful role

of capital markets in mobilizing

savings for climate finance—

and a listing in London

allows us to attract the

widest possible range of

international

investors“ August 2015, IFC

press release for INR 3.15bn

Green Masala Bonds

13 August 2015, IFC & Yes Bank Market Open, LSE

London Stock Exchange’s Global Reach

In July 2016, London Stock Exchange

welcomed the world’s first Masala

bond issued by an Indian corporate.

The landmark INR30bn 37 month bond

with a yield of 8.33% from Housing

Development Finance Corp (HDFC),

was 4.3 times oversubscribed and

paves the way for the opening of the

Masala bond market globally to

support Indian company and

infrastructure financing

"London Stock Exchange

continues to distinguish itself

by offering a wide range of

financial instruments and

enjoys unshakable trust from

international investors.”

Chairman Deepak Parekh,

HDFC press release for

INR30bn 37month 8.33% bond

Bharti Airtel Zyfin & Sun Global Yes Bank SBI-LSEG IRFC

Description Issuance of maiden sterling

bond in London

Listing the world’s first India

fixed income ETF on London

Stock Exchange

MoU to foster joint

collaborations on bond and

equity issuance in London,

with a strong focus on Green

Infrastructure Finance

Construction of “FTSE-SBI

India Bonds Indices” to be

used initially by a new

investment fund run by SBI

Issuance of offshore Rupee

denominated bonds in

London

Size £500m -- Up to $550m Green bonds

$1bn equity -- --

Announcement

“The bond issue will help Bharti

extend maturities and diversify

investor base on its debt

portfolio”

“LSE is the broadest ETF

market in Europe. This ETF will

give international investors

access to the Indian fixed

income market, which is worth

USD 1.3 trillion and is a vital

source of finance for the

infrastructure sector”

“Both financial institutions will

leverage their complementary

strengths to facilitate access to

capital raising in London and

India for Indian entities and will

work jointly on the development

of a wide range of new

products. Through this

collaboration both parties also

demonstrate their commitment

to the promotion of products

and platforms supporting the

use of Green Finance”

“These indices, to be launched

in the first half of 2016, will

facilitate investment into India's

bond markets and support

market liquidity and pricing”

“We are set to launch a railway

bond in London. It is

appropriate as the journey of

Indian Railways started in he

UK”

LSEG’s India Partnerships

7

LSE – Helping to Raise Your International Profile

• Listing in a global market such as London raises a company’s international profile.

• High international regulatory standards ensure access to a globally oriented investor base

Asia Pacific • State Administration of Foreign

Exchange (China)

• GIC

• BNY Mellon Hong Kong

• Blackrock Japan

• Mitsubishi UFJ Trust

• Sumitomo Mitsui

• Aberdeen Asset Management

Asia

• Hang Seng Investment

Europe • Blackrock

• Legal & General

• Scottish Widows

• Invesco

• M&G

• Standard Life

• AXA

• Societe Generale

• Alecta Pension

• DWS Investment

• Swedbank Robur

• Allianz Global Investors

• BNP Paribas

• Union Investment

Privatfonds GMBH

• Norges Bank

Americas • Capital Research

• Vanguard

• SSgA Funds

• Fidelity

• Blackrock

• Thornburg Investment

• Artisan Partners

• Alliance Bernstein

• T. Rowe Price

• Caisse de dépôt et

placement du Québec

• Itau Unibanco Brazil

Africa and Middle East

• QIA

• P.I.C South Africa

• Kuwait Investment Authority

• Investec

• CCB Islamic Bank

• Abu Dhabi Investment Authority

-11

-10

-9

-8

-7

-6

-5

-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9

10

11

London trading hours

Selected Major Institutional Investors in London Listed Bonds

GMT

Source: Factset

*LSEG, as of September 2015

• LSE is home to the deepest global foreign exchange centre.

• LSE markets are supported by a network of 350 member firms from over 20 countries*,

The Current Status of the Masala Bond

Market: London Stock Exchange listings

Source: Bloomberg and LSEG. Averages are arithmetic means of one or more coupons. This does not constitute investment advice. Includes supranationals

…raising

$2.01bn in total

…from 6 issuers…

14 Masala bonds

currently listed…

…33 Masala bonds

listed historically…

Maturities Maturities showing issuance

volumes across tenors

Trading A range of secondary trading

markets available

Coupons Financing possible at attractive

issuance yields

Order book trading

Continuous market making

End-of-day pricing

Trade reporting

6.08% 6.20% 6.45%

Average 3yr 5yr

Average Coupon (active Masala bonds)

12%

75%

11% 2%

Issuance by Maturity (%)

< 3yrs

3-5yrs

10-15yrs

15yrs+

Masala Bond Case Studies

NTPC HDFC Axis Bank EBRD IFC

Transaction

Details

Issue Date 10 August 2016 21 July 2016 01 June 2016 4 March 2016

21 March 2016 / 10

Aug 2015 / 18 Nov

2014

Issue Size INR 20 bn INR 30 bn $500m INR 5bn INR 2bn / INR

3.15bn / INR 10bn

Coupon 7.375% 7.875% 2.875% 6.4% 7.1% / 6.45% /

6.3%

Maturity 5 year 37 months 5 year 3 year 15 year / 5 year /

10 year

Issuer Profile Rating BBB-(emr)* AAA/A1+** Baa3 / BBB- AAA / Aaa AAA / Aaa

Recent Masala Issuance

*Fitch emerging markets bond rating **CRISIL and ICRA ratings

Company Details

Company NTPC Ltd

Market PSM

Sector Utilities

Rating BBB-(emr)*

Transaction Details

Issue Date 10 Aug 2016

Issue Size INR 20 billion

Yield at issue 7.48%

Coupon 7.375%

Maturity 5 years

Company profile

— NTPC is India’s largest power utility company. The

company’s headquarters are in New Delhi and its

core business involves generating and selling

electricity to state-owned power distribution

companies and State Electricity Boards in India.

— It was founded by Government of India in 1975

and in May 2010 was conferred Maharatna status.

— NTPC established a Green Bond Framework

which has been independently certified by Climate

Bonds Initiative, a partner of London Stock

Exchange and adheres to the ICMA Green Bond

Principles.

— Post issuance, KPMG will provide assurance that

the nominated projects are in alignment with the

company’s Green Bond Framework.

Debt issuance story

— The proceeds of the bond will be invested to

support wind and solar projects complementing

India’s government ambition to generate 175GW

of renewable energy by 2022.

— The deal was oversubscribed, with books in

excess of INR 29 bn from more than 60 accounts.

— The green certification gave NTPC a global boost

and, as a result, better pricing. Notable was

NTPC's investor diversification internationally and

the company’s ability to attract participation by

dedicated green bond funds from Germany and

Denmark into the deal.

— Joint Leads: Axis Bank Ltd, Hong Kong &

Shanghai Banking Corporation, Standard

Chartered Hong Kong, Mitsubishi UFJ Financial.

Geographical Distribution

Asia 70%

Europe 30%

Distribution by Investor

Banks 15%

Fund

managers/insurers/

sovereign wealth funds

80%

Private Banks 5%

*Fitch emerging markets bond rating

NTPC lists world’s first green Masala bond by an Indian issuer on

London Stock Exchange

"The investor reach gets enhanced. The green investors in

Europe and the US have invested in this issue in addition to

the normal investor"

Shashikant Rathi, Head of Treasury and Debt Capital Markets,

Axis Bank (Joint Lead)

"From an issuer perspective, it made more sense to do a

Green Masala instead of just a Masala because there is

additional liquidity provided by dedicated green investors

and they can get pricing traction from the additional

demand,"

Jujhar Singh, Co-head of HY, Standard Chartered (Joint Lead)

Company Details

Company

Housing

Development Finance

Corporation (HDFC)

Market Main Market

Sector Financials

Rating AAA/A1+*

Transaction Details

Issue Date 21 July 2016


Coupon 7.875%


Maturity 37 months

Company profile

— HDFC is a leading provider of Housing

Finance in India.

— The company also has a presence in

banking, life and general insurance, asset

management, venture capital and education

loans.

— Founded in 1977 as the first specialised

mortgage company in India.

— HDFC’s distribution network spans 396

outlets which cater to approximately 2,400

towns and cities spread across India.

Debt issuance story

— Represents the world’s first Masala bond

issued by an Indian corporate.

— The issue was 4.3 times oversubscribed

reflecting strong investor sentiment and paves

the way for the opening of the Masala bond

market globally to support Indian company

and infrastructure financing.

— The final order book was INR 86.73 billion

from 48 accounts with final allocations being

well-diversified.

— Joint Leads: Axis Bank Ltd, Credit Suisse and

Nomura.

HDFC is first ever Indian corporate to list Masala bond, chooses

London Stock Exchange for landmark issuance

“London Stock Exchange continues to

distinguish itself by offering a wide range of

financial instruments and enjoys unshakable

trust from international investors.

This is a milestone transaction for HDFC. We

have achieved our objective of attracting a

global pool of capital to diversify our borrowing

profile. The positive investor response towards

this issuance reinforces the blue-chip

positioning of HDFC, and establishes a

significant benchmark for Indian companies”

Deepak Parekh, Chairman, HDFC

*S&P, Moody and Fitch ratings unavailable, ratings shown provided by CRISIL and ICRA


Asia 86%

Europe 14%


Asset Managers 81%

Private Banks 18%

Banks 1%

Company Details

Company Axis Bank Dubai

Market Main Market

Sector Financials

Rating Baa3/BBB-

Transaction Details

Issue Date 01 June 2016

Issue Size USD 500 million

Coupon 2.875%


Maturity 5 years

Company profile

— Axis Bank is India’s third largest private bank.

— “Axis Bank launched and successfully

completed the first certified Green Bond issue,

the issue we are pleased to list on the London

Stock Exchange today. The encouraging

response to this issue is reflective of the

keenness of global investors to promote and

support a sustainable environment and also

acknowledge Axis's credibility in this space.

The ease of the listing process and breadth of

investors seen in this bond issuance

demonstrates the role London Stock Exchange

can play in supporting India's financing needs.”

Managing Director & CEO of Axis Bank,

Shikha Sharma

Debt issuance story

— The proceeds of the bond will be invested in

green energy, transportation and infrastructure

projects, reinforcing India’s commitment to

produce 175,000 MW of renewable power by

2022.

— Lowest coupon ever for a 5-year USD bond by

any Indian private sector issuer.

— First ever USD green and 144A bond by an

Indian private sector company with 21% of the

investor base being “green” investors.

— Joint Leads: Axis Bank SGP, BAML, Citigroup

Global Markets SGP, Credit Agricole CIB HK,

HSBC, JP Morgan Securities Plc, Standard

Chartered Bank


Asia 48%

Europe 25%

U.S. 16%

Middle East 11%


Banks 30%

Asset Managers 55%

Private Banks 5%

Sovereign wealth

funds/pension funds 10%

India’s first internationally listed certified green bond

“When an Indian company lists securities at

LSE, it gets direct access to many European and

Scandinavian investors. The ease of listing too

attracts many issuers. Besides, LSE remains a

financial hub even after Brexit referendum”

Sidharth Rath, Group Executive, Axis Bank

Company Details

Company European Bank of Reconstruction

and Development (EBRD)

Market Main Market

Sector Supranational

Rating AAA / Aaa

Transaction Details

Issue Date 4 March 2016


Yield at issue 6.4%

Maturity 3 years

Company profile

EBRD is a multilateral developmental

international financial institution founded in 1991

that uses investments as a tool to build market

economies. Initially focused on the countries of

the former Eastern Bloc it expanded to support

development in 30 countries from central Europe

to central Asia.

— The EBRD is owned by 65 countries and two

intergovernmental institutions (EU and EIB). It

maintains a close political dialogue with

governments, authorities and representatives of

civil society and works in cooperation with

international organisations such as the OECD,

the IMF, the World Bank and UN specialised

agencies.

Debt issuance story

— Sole arranger: HSBC

— The European Bank for Reconstruction and

Development has been a key issuer of Indian

Rupee denominated bonds in London.

— EBRD has raised more than $729m equivalent

on the London market, through six INR

denominated issues with tenors of one, two,

three and four years.

Using offshore rupee bond issuance as part of a multi-

currency EUR 35bn GMTN Programme

• Inter-American Development Bank was the first

issuer of an Indian Rupee denominated bond in

London in 2007. This was the first ever non-

deliverable Indian rupee-denominated bond, cash

settled in dollars using prices in the non

deliverable forward market for Indian rupees.

• Over the years, IDB has raised more than $275m

equivalent on LSE, through 6 INR denominated

issues with tenors of one, two, three and ten

years.

• The IDB, established in 1959, is a supranational

financial institution that uses the resources it

raises in capital markets to support programs that

promote development and economic growth while

respecting and protecting the environment.

• Key initiatives for the progress of its borrowing

member countries include the modernization of

infrastructure, development of alternative energy

sources, and universal access to clean water and

sanitation.

ISIN Issue Date Maturity Tenor Cpn INRbn

XS1016451699 Jan-14 Jul-15 1.5 7.125% 1.00

XS1101962618 Sep-14 Sep-16 2.0 6.100% 4.00

XS0882569568 Feb-13 Jul-15 2.5 5.000% 2.00

XS1103713654 Sep-14 Sep-17 3.0 6.000% 8.50

XS0573957296 Jan-11 Jan-14 3.0 4.750% 17.00

XS0842193475 Oct-12 Oct-15 3.0 4.750% 1.04

XS0495010562 Mar-10 Mar-14 4.0 3.000% 2.00

XS0299574953 May-07 May-17 10.0 8.250% 1.50

http://www.google.co.uk/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCMzgqvqDlckCFcO6GgodZ4QBHA&url=http://www.iadb.org/en/salud-mesoamerica-initiative/salud-mesoamerica-initiative-home,1904.html&psig=AFQjCNEnCAqK5Ganiw-3pfMpyeMPO3Xn1g&ust=1447766314365050

• In 2014, IFC moved its Treasury function to London.

• In November 2014 International Finance Corporation issued a ten year, 6.3% triple-A rated masala bond,

raising Rs 10 billion and paved the way to increase foreign investment in India, mobilising international

capital markets to support a subsequent infrastructure bond issuance by Axis Bank.

• In April 2015, IFC issued a three-and-a-half year, 6.45% bond that raised Rs 16 billion – the largest ever

Rupee denominated bond issued outside India.

• The program is reflective of the strong partnership between India and IFC. In 2014 IFC committed $1.4 billion

in India along the strategic priorities of promoting inclusive growth, particularly in India’s low income states,

addressing climate change, and supporting economic integration.

5.00%

5.50%

6.00%

6.50%

7.00%

7.50%

8.00%

8.50%

3 5 7 9 11 13 15

Yie

ld

Maturity (years)

IFC Offshore Rupee Yield Curve

IFC Offshore bond level

IFC had been issuing in the offshore markets at approximately 90 -190 bps below the Government of India onshore yield (at

time of issuance). Through the Masala bond program, IFC has been able to offer clients in India attractive levels of funding

and has invested INR 55.1Bn ($860mm equivalent) in the Indian private sector.

Company Details

Company International Finance Corporation

(part of World Bank Group)

Market Main Market


Rating AAA / Aaa

Transaction Details

Issue Date 21 March 2016


Yield at issue 7.1%

Maturity 15 years

Company profile

IFC is one of the world’s largest financiers of

climate-smart projects for developing countries,

investing about $11 billion in long-term financing

over the last decade for renewable power,

energy efficiency, sustainable agriculture, green

buildings and private sector adaptation to climate

change.

“IFC’s 15-year masala bond demonstrated long-

term investor confidence in India’s growth,” said

Navtej Sarna, Indian High Commissioner to the

United Kingdom. “Innovative financing

mechanisms like IFC’s Masala program are

critical to mobilize long-term funding for India’s

infrastructure expansion.”

Debt issuance story

Sole arranger: JP Morgan

Proceeds of the bonds will be used to advance

private sector development in India.

It marks the longest-dated offshore rupee bond to

be issued globally.

The latest 15-year bonds mark the latest step in

IFC’s efforts to extend the yield curve and set a

pricing benchmark for future issuances with

similar maturities. IFC has previously issued

Masala bonds in maturities of three, five, seven

and ten years.

Using offshore rupee bond issuance to finance private

sector development in India

Source: IFC press release, LSEG database, March 2016

Company Details



Market Main Market


Rating AAA/Aaa

Transaction Details

Issue Date 10 Aug 2015

Issue Size INR 3.15bn


Maturity 5yr

Company profile

IFC is one of the world’s largest financiers of

climate-smart projects for developing countries,

investing about $11 billion in long-term financing

over the last decade for renewable power,

energy efficiency, sustainable agriculture, green

buildings and private sector adaptation to climate

change.

“Addressing climate change is a priority for IFC in

India. IFC’s green Masala bond demonstrates

the powerful role of capital markets in mobilizing

savings for climate finance—and a listing in

London allows us to attract the widest possible

range of international investors. Adding the rupee

as a new green bond currency also supports our

goals to strengthen this important asset class.”

Debt issuance story


Proceeds from the offering used to finance a

green bond issued by Yes Bank, one of India’s

largest commercial banks. Yes Bank invested the

proceeds of its bond in renewable energy and

energy efficiency projects, mainly in the solar and

wind sectors.

Under its $3 billion offshore rupee Masala bond

program, IFC has issued bonds worth over 103

billion rupees ($1.66 billion) in a range of tenors,

building a triple-A yield curve and attracting new

investors to the London offshore rupee market.

Using Green offshore rupee bond issuance to finance

Indian infrastructure

Source: IFC press release, LSEG database, August 2015

Company Details



Market Main Market


Rating AAA / Aaa

Transaction Details

Issue Date 18 Nov 2014


Yield at issue 6.3%

Maturity 10 years

Company profile

IFC, a member of the World Bank Group, was

established in 1956 and it’s owned 184 member

countries. It finances and provides advice for private

sector ventures and projects in developing countries

in partnership with local private entities

IFC is the largest global development institution

focused exclusively on the private sector in

developing countries.

IFC’s mission is to allow companies and financial

institutions in emerging markets to create jobs,

generate tax revenues, improve corporate

governance and environmental performance, and

contribute to their local communities

Debt issuance story


The bonds were priced 200bps inside equivalent

bonds issued by the Indian Government

The bonds’ principal amounts are linked to the

Indian rupee exchange rate. U.S. dollar proceeds

from the bonds will be converted to rupees in the

domestic spot exchange market.

Vast majority of investors were European

insurance companies

Proceeds from the offering used to support an

infrastructure bond issuance by Axis Bank

Source: IFC press release, LSEG database, November 2014

Using offshore rupee bond issuance to finance Indian

infrastructure

Active Masala Bonds

ISIN Issuer Name Coupon (%) Currency Amount

Raised Issue Date Maturity Date

XS1486517367 Housing Development Finance Corporation Ltd 7 INR 15,000,000,000 09/09/2016 01/09/2020

XS1487470244 Province of British Columbia Canada 6.6 INR 5,000,000,000 09/09/2016 01/09/2020

XS1467374473 National Thermal Power Corporation 7.375 INR 20,000,000,000 10/08/2016 10/08/2021

XS1452352609 Housing Development Finance Corporation Ltd 7.875 INR 30,000,000,000 21/07/2016 21/08/2019

US45950VHT61 International Finance Corp 7.1 INR 2,000,000,000 21/03/2016 21/03/2031

XS1374467238 European Bank for Reconstruction & Development 6.4 INR 5,000,000,000 04/03/2016 04/03/2019

US45950VGQ32 International Finance Corp 6.45 INR 3,150,000,000 10/08/2015 10/08/2020

US45950VGD29 International Finance Corp 6.45 INR 18,000,000,000 30/04/2015 30/10/2018


US45950VEM46 International Finance Corp 6.3 INR 10,000,000,000 17/11/2014 25/11/2024



XS1103713654 Inter-American Development Bank 6 INR 8,500,000,000 05/09/2014 05/09/2017

XS0299574953 Inter-American Development Bank 8.25 INR 1,500,000,000 15/05/2007 15/05/2017

Masala Bonds on London Stock Exchange

Matured Masala Bonds

ISIN Issuer Name Coupon (%) Currency Amount

Raised Issue Date Maturity Date


XS1105873688 European Bank for Reconstruction & Development 6 INR 25,000,000,000 03/09/2014 03/03/2016













XS0589595700 Morgan Stanley 7 INR 70,000,000 11/02/2011 11/02/2014




XS0294623482 Barclays Bank PLC - INR 2,000,000,000 10/04/2007 17/01/2017

Masala Bonds on London Stock Exchange

London Stock Exchange’s Fixed Income Team

Primary Markets

Global Head of Fixed Income Pietro Poletto +39 02 7242 6243 [email protected]

UK Head of Fixed Income Darko Hajdukovic +44 20 7797 3306 [email protected]

Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 [email protected]

Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 [email protected]

Secondary Markets

Global Co-Heads of Equity, Funds, Fixed Income Pietro Poletto

Brian Schwieger

+39 02 7242 6243

+44 20 7797 3860

[email protected]

[email protected]

For further information refer to www.lseg.com

mailto:[email protected]






http://www.lseg.com/

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