ICICI Bank mulls first benchmark dollar bond sale since 2017

ICICI Bank is preparing its first benchmark US dollar bond sale since 2017, aiming to raise at least $500 million through offshore bonds under the Global Medium-Term Note program. The issuance is enabled by the RBI's recent concessional foreign exchange swap facility for eligible overseas borrowings, aimed at attracting global capital and supporting the rupee. Other Indian lenders including HDFC Bank (which raised $750 million last month), Axis Bank, SBI and Power Finance Corp have already tapped international debt markets.