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Bond Market News
ICICI Bank Plans First Dollar Bond Deal in 9 Years; Tata Capital Mandates Dollar Bond Issuance
July 6, 2026
– Amruth S
ICICI Bank is said to be in discussions to raise at least $500mn via a dollar bond issuance, which would mark its first since 2017. The planned issuance by ICICI Bank adds to other Indian banks like HDFC Bank, Axis Bank, and SBI that came to the dollar bond markets over the past month. This is driven by a recent RBI policy action to provide a concessional foreign-exchange swap facility for eligible overseas borrowings – including dollar bond issuances and FCNR (B) deposits. This initiative by the RBI aims to draw in international capital and stabilize the Indian rupee. Additionally, Tata Capital Limited has also appointed banks for a planned 3.5Y dollar bond issuance under its $2bn Medium Term Note Programme. The planned issuance is expected to be rated BBB by S&P.
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