RBL Bank set for debut dollar debt sale, eyes 5-year funding, bankers say
MUMBAI: India’s RBL Bank aims to raise funds through its debut U.S. dollar-denominated bond sale, and has started marketing a five-year issue, three bankers said on Wednesday. RBL Bank is likely to raise around $500 million through its debut dollar bond issue. The private-sector lender has provided initial price guidance of U.S. Treasuries plus a spread of 150 basis points. The bank did not reply…
India's RBL Bank is preparing to debut its dollar-denominated bond sale, with three bankers revealing details about the upcoming issue. The private-sector lender is targeting a $500 million raise through a five-year note, according to initial price guidance pegged at U.S. Treasuries plus a 150 basis points spread. However, the final pricing may see a contraction of 25 to 30 basis points, according to the bankers, who declined to comment to Reuters.
The bank, which is majority-owned by Dubai-based Emirates NBD, is issuing the bonds under its $1 billion medium-term note program. The bonds will be sold through RBL Bank's GIFT City branch and carry ratings of "Baa2" by Moody's and "BBB-plus" by CareEdge, aligning with the issuer's existing credit ratings.
RBL Bank joins other state-run lenders, such as Bank of Maharashtra and Canara Bank, in exploring dollar bond issuances under the Reserve Bank of India's concessional swap facility before the end of September. Indian banks have collectively raised $13 billion through dollar bond sales so far in 2026.
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