Yes Bank Makes Bond Market Comeback Years After AT1 Write-Off
Yes Bank Ltd. is returning to the bond market for the first time since the Indian private lender wrote off a risky local note in 2020, and has hired arrangers for a dollar issuance, according to people familiar with the matter.
Yes Bank Ltd. is set to resume its bond market presence after writing off a risky local note in 2020, according to sources familiar with the matter. The private Indian lender is in talks with fixed-income investors to sell a benchmark-sized three-year US currency note, starting Monday. This comes as other Indian lenders have collectively raised $5.27 billion in the past two months, driven by the Reserve Bank of India's measures to increase capital inflows and support the rupee.
In March 2020, Yes Bank permanently wrote off Additional Tier 1 debt, a hybrid security that can be written off if certain triggers are breached. The lender has since undergone a steady recovery, with Sumitomo Mitsui Financial Group Inc.'s banking unit becoming its largest shareholder in 2025. Yes Bank's dollar bond is rated Ba1 by Moody's Ratings and BB+ by S&P Global Ratings, just below investment grade.
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- Yes Bank makes bond market comeback years after AT1 write-off thehindubusinessline.com
