Mumbai, Oct. 13 -- American investment bank Citigroup and Belgian export credit agency Credendo, a European credit insurer, have completed a $328 million financing deal for eight Airbus aircraft for India's budget carrier IndiGo, marking two milestones in global aviation finance.

The transaction is the world's first-ever Credendo-insured aviation financing and the first export credit agency (ECA)-backed aircraft financing through GIFT City's International Financial Services Centre (IFSC) leasing structure, Citigroup said in a statement on Tuesday.

The financing covers six Airbus A321 and two A320. Citi acted as the sole mandated arranger, ECA coordinator and sole lender, while Credendo provided credit insurance. The transaction was exec...