ICICI Bank and Axis Bank raise $300 million each in dollar debt for second time in two months

Indian lenders accelerate offshore borrowing to lock in funding costs, with ICICI targeting a 130bp spread on its first benchmark issuance since 2017.

By Handelsavisen Newsroom · Automated 7 August 2026, 05:18 UTC · 1 min read

ICICI Bank and Axis Bank have each raised $300 million in the US dollar debt market, marking their second such issuance in less than two months.

Merchant bankers confirmed the deals on Friday, highlighting a surge in appetite for Indian private sector credit among international investors.

The rapid follow-up to earlier issuances suggests lenders are eager to capitalize on favorable market conditions.

ICICI Bank, in particular, is moving quickly to finalize its first offshore benchmark bond issuance since 2017.

The bank has established initial pricing guidance targeting a spread of 130 basis points over the corresponding US Treasury yield, a level that reflects strong investor demand for high-quality emerging market debt.

This activity comes as Indian banks seek to diversify their funding sources and manage currency risk.