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Bond Market News
Indian Dollar Bond Issuances Surge in 2026; View the List of Newly Issued Bonds
-Vandit P
Dollar bond sales by domestic Indian companies have surpassed $25bn in 2026, more than doubling its previous record of $12.1bn in 2021. This surge is driven by cheaper hedging costs, strong global investor demand and the need to diversify funding sources. The trend accelerated after the Reserve Bank of India (RBI) introduced a concessional foreign-exchange swap facility in June, allowing eligible borrowers to raise overseas foreign-currency debt and reduce the cost of hedging their dollar exposure. The facility significantly improved the economics of offshore borrowing and encouraged banks and state-owned financial institutions to front-load fundraising.
Major Indian lenders, namely ICICI Bank, HDFC Bank, SBI, Axis Bank and Bank of Baroda have been particularly active. India’s Exim Bank also opened the year with a $1bn dual-tranche issuance, including the first 30Y dollar bond from an Indian institution. The table below gives a list of dollar bond issuances from India in 2026, sorted by yield.
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