ICICI Bank is in advanced discussions to raise at least $500 million in offshore benchmark bonds, marking its first such issuance since 2017.
The lender is moving quickly to capitalize on a recent concession from the Reserve Bank of India that has eased restrictions on overseas borrowings for domestic financial institutions.
The potential deal would signal a renewed appetite among Indian banks for international capital markets, which have remained relatively quiet for domestic lenders in recent years.
By returning to the dollar bond market, ICICI aims to diversify its funding sources and manage its foreign currency liabilities more effectively.
This move comes as other emerging-market entities also seek to re-enter global debt markets.
Capri Global Capital is preparing for its debut in the international dollar bond market with plans to raise up to $500 million, while Nigeria has initiated the process to return to the Eurobond market by seeking financial advisers for a planned issuance.