India Exim Bank Creates History with US$ 1 Billion Dual-Tranche Bond Issuance: Prices First-Ever 30-Year Issuance by an Indian Banking Financial Institution
India Exim Bank has successfully issued USD 1 billion dual-tranche Senior Unsecured Bonds spread across 10-year (USD 500 million) and 30-year (USD 500 million) in the 144A/Reg-S format. This issuance makes India Exim Bank the first Indian issuer to open the markets for dollar bond issuances in 2026. Notably, this transaction also marks the first ever 30-year USD bond issuance by any Indian Banking Financial Institution in the international bond markets, thus establishing a new benchmark for the sector in the global capital markets.
The transaction received an overwhelming response and are priced at a spread of 85bps over the 10-year US Treasury benchmark and at a spread of 95bps over the 30-year US Treasury benchmark.
This also marks the lowest spread over Treasuries ever achieved by any Indian issuer in the public USD bond markets on both the 10-year and the 30-year tenors. The 10-year issuance was priced inside of India Exim Bank’s secondary curve. Further, the spread over Treasuries differential of 10 bps between the 10-year and 30-year is the lowest for any USD bond issuer from Asia ex-Japan in the last 5 years.
In terms of geographical distribution, the bonds were well distributed, with 59% in Asia, 13% in EMEA region and 28% in the USA. In terms of distribution to investor types, the bonds were distributed to high quality investors with around 73% distributed to Asset and Fund managers, 11% to Banks, and 8% to Insurance, Pension Funds, followed by private banks and others.
BofA Securities, Citigroup, HSBC, J.P. Morgan and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners for the offering. India Exim Bank has been rated as Baa3 (Stable) by Moody's, BBB (Stable) by S&P, BBB- (Stable) by Fitch and BBB+ (Stable) by CareEdge.
Commenting on the transaction, Ms. Harsha Bangari, Managing Director of India Exim Bank, said “the successful issuance demonstrates the strength and depth of the investor base which India Exim Bank has cultivated in offshore capital markets, allowing it to efficiently raise funds. The strong demand for India Exim Bank’s 30-year tranche is a clear sign of the confidence that global investors have in the Indian economy and in India Exim Bank itself. This issuance stands as a testament to our exceptional market access and the prominent footprint we have established in the global capital markets.”
"India Exim Bank has been agile and continuously monitoring the market for attractive issuance windows. The quasi-sovereign nature of the Bank, strong credit profile and EMBIG index eligibility of the bonds garnered significant interest from marquee investors, with a peak order book of USD 8 billion+, which is highest ever on any public USD bond issuance from an Indian financial institution. Given the quality bookbuild and the large book size, we elected to move quickly to achieve a significant price tightening" added Ms. Deepali Agrawal, Deputy Managing Director, India Exim Bank.
For more information, contact:
Ms. Bakhtavar Patel
Chief Financial Officer
Export-Import Bank of India
Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005
Ph: +91 22-2217 2666; E-mail: resources@eximbankindia.in
