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Bank of Baroda (BoB) has raised ₹6,580 crore ($700 million) through three- and five-year overseas bonds

ICICIdirect Research 14 Aug 2026 DISCLAIMER

News: As per exchange filings, Bank of Baroda (BoB) has raised ₹6,580 crore ($700 million) through three- and five-year overseas bonds, marking its first international bond issuance in over seven years. BoB raised ₹3,760 crore ($400 million) through three-year bonds at a 5.11% coupon and a spread of 90 bps over US Treasuries, while ₹2,820 crore ($300 million) was raised through five-year bonds at a ~5.32% coupon and a spread of 100 bps, with pricing on both tranches tightening by 30 bps from initial guidance. The bonds will be issued through BoB’s GIFT City banking unit.

View: The fundraise aimed at taking advantage of RBI’s special dollar-swap window. Strong subscription and tighter pricing indicate healthy overseas investor appetite and should support diversification of BoB’s funding base.

Impact: Neutral

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