Start-up firm Axon Partners LLP has advised Shiv-Vani Oil & Gas Exploration Services on its $75m convertible bond issue with Norton Rose’s Singapore office getting into the capital markets game by advising the deal’s London underwriters Jefferies International.

Axon co-founding partner Abhimanyu Bhandari said: “After the Greek recession you’re not seeing many FCC [foreign currency convertible bond] deals and not many debt capital markets deals happening - this was one of the deals that happened.”

The onshore oil and gas services provider Shiv-Vani issued of $75m of convertible bonds subject to an upsize option of $20 million.

The bonds will be listed on the Singapore Stock Exchange and have a five year maturity with a right to convert into ordinary shares in the company.

Norton Rose Singapore partner Adam Summerly, together with debt capital markets senior associate Ferzana Haq and associate Kirsty Nuttall, advised Jefferies.

Norton Rose of counsel Selene Tan in Singapore advised Citi, which acted as trustee and agent.

“Winning this instruction is an important milestone for the Singapore office’s new capital markets practice. It clearly demonstrates the breadth of our expertise as having acted as lead counsel, trustee counsel and Singapore listing agent,” commented Summerly in a press release. “India is an important market for the firm and we are pleased to have been involved in such a significant transaction for a key Indian corporate.”