Bank of Baroda concludes issuance of 3, 5-year bonds aggregating $700 million

Bank of Baroda announced on Thursday that it completed the sale of senior unsecured fixed‑rate notes with three‑ and five‑year tenors, raising a total of $700 million under Regulation S.

Key Takeaways

• Bank of Baroda raised $700 million through three- and five-year senior unsecured notes under Regulation S.
• The bank secured $400 million via three-year notes at a 5.114% coupon and $300 million via five-year notes at 5.318%.
• The issuance supports NRIs opening leveraged FCNR(B) deposits under RBI’s concessional swap window.
• Multiple major banks have followed a similar pattern of dollar-bond issuance to support this NRI deposit scheme.

The issuance follows a trend where major banks are providing NRIs with leverage to open new foreign‑currency non‑resident (FCNR‑B) deposits of three to five years, using the RBI’s temporary concessional swap window.

The state‑owned lender secured $400 million via three‑year notes carrying a 5.114 % annual coupon, and another $300 million through five‑year notes priced at a 5.318 % yearly coupon.

The notes will be issued from BoB’s IFSC Banking Unit, effective 20 August 2026, and are slated for listing on the Singapore Exchange, India INX and the NSE‑IX platform at GIFT City, according to the bank’s regulatory disclosure.

ICICI Bank

ICICI Bank, via its IFSC Banking Unit, said it has finalized a $300 million sale of senior unsecured fixed‑rate notes, part of its $7.5 billion Global Medium Term Note programme.

The private lender, however, did not disclose the maturity or coupon rate of the issue.

The notes will be listed on the Global Securities Market of the India International Exchange IFSC Limited and on the Debt Securities Market of the NSE IFSC Limited.

Published on 13 August 2026