EXIM Bank of India Raises $1 Billion Through Dual-Tranche Bond Offering

The Export-Import Bank of India (EXIM Bank) has successfully raised $1 billion through a dual-tranche U.S. dollar bond issuance, marking the first major debt issuance by an Indian entity in 2026. On January 6, EXIM Bank accepted bids for $500 million each in 10-year and 30-year bonds, with yields of 5.00% and 5.75% respectively. The 10-year tranche was priced at an 85 basis points spread over the 10-year U.S. Treasury yield, while the 30-year tranche was set at a 95 basis points spread over the 30-year U.S. Treasury yield. These spreads were significantly tighter than the initial guidance of 115-140 basis points, demonstrating robust demand for Indian development bank credit.

The bonds, rated BBB– by Fitch Ratings, are listed on the Singapore Stock Exchange, London Stock Exchange, and India's stock exchange. The proceeds from this issuance are earmarked for funding overseas investment loans and the import of capital goods, aligning with EXIM Bank's role as India's development finance institution for export and import activities. This strategic capital raising underscores the bank's solid market access and investor confidence in its financial health, despite earlier conservative pricing guidance.