India's largest ever convertible bond was issued last week in the shape of a US$500m 2010 convertible bond on behalf of the Housing Development Corporation of India.

Local firm AZB & Partners advised the Housing Development Finance Corp, India's largest mortgage lender.

Linklaters advised the joint global coordinators on the deal, JPMorgan, Citibank, Barclays and ABN Amro
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Apart from being the largest ever release of its kind in India, it is the largest convertible bond issued in Asia this year and the first from an Indian financial corporation following the country's recent regulatory changes.

"This transaction sets another benchmark for the Indian equity capital markets," said Linklaters Hong Kong partner Dean Lockhart, who led the transaction with London partner Sandeep Katwala.