Industry experts say that India's dollar bond issuance was around $12 billion in 2024 against $5 billion last year and it is expected to see continued momentum in 2025.
Although the rise in issuance is driven by improved investor sentiment and tighter spreads, it is lower than the $22 billion issuances in 2021, with treasury yields refusing to be tamed despite two rate reductions by the Fed. Next year is expected to see sustained interest, with issuances remaining on a par with this year.
«While there was a revival, we are still some distance away from the record of more than $22 billion raised in 2021, as high treasury yields continue to keep large corporate borrowers on the sidelines, said Prathamesh S Sahasrabudhe managing director and head, capital markets, India and South Asia, Standard Chartered Bank.»
«The rebound in the dollar bond market was led by large issuances from banks like SBI and HDFC Bank, private sector corporates like Vedanta and Biocon and multiple issuances from the NBFC sector,» he said. «SBI set a record with the tightest spread ever achieved for an Indian financial institution-at treasury +82 basis points-on its $500 million bond in November 2024.»
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