ICICI Bank Issuance: USD 300 Million Fixed Rate Notes Completed

MUMBAI — Private sector lender ICICI Bank Limited announced on August 13, 2026, that it has successfully completed the issuance of $300 million in Senior Unsecured Fixed Rate Notes. Executed through the bank’s IFSC Banking Unit (IBU) located at Gujarat International Finance Tec-City (GIFT City), the debt transaction was issued under ICICI Bank’s existing $7.5 billion Global Medium Term Note Programme. This strategic capital raise enables the private sector institution to bolster its foreign currency liquidity reserves and support international corporate credit demand amid ongoing global expansion across trade corridors.

Strategic Issuance Framework and Credit Ratings

The newly issued debt instruments have received international investment-grade credit evaluations from leading global rating agencies. S&P Global Ratings assigned a 'BBB' rating to the notes, while Moody’s Ratings rated the issue at 'Baa3'.

• Issuer Unit: ICICI Bank Limited, acting through its IFSC Banking Unit (IBU).

• Total Size: $300 million.

• Note Structure: Senior Unsecured Fixed Rate Notes.

• Program Umbrella: USD 7.5 Billion Global Medium Term Note Programme.

• Credit Ratings: Rated 'BBB' by S&P Global Ratings and 'Baa3' by Moody's Ratings.

The fixed rate structure provides ICICI Bank with long-term cost predictability, shielding its foreign balance sheet operations against interest rate volatility across global capital markets.

Dual Listing on International IFSC Exchanges

To ensure market transparency and secondary trading liquidity, ICICI Bank confirmed that the fixed rate notes will be listed across primary international venues within India's offshore financial hub.

The notes are scheduled to trade on:

1. The Global Securities Market of India International Exchange IFSC Limited (India INX).

2. The Debt Securities Market of NSE IFSC Limited (NSE IX).

Compliance Disclosures and Regulatory Scope

In its regulatory filing submitted pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ICICI Bank highlighted that this offering follows preliminary disclosures submitted on August 6 and August 12, 2026.

The financial institution specified that the debt securities have not been registered under the United States Securities Act of 1933. Consequently, the notes were distributed exclusively to eligible non-U.S. institutional investors under regulatory exemptions and were not made available for public distribution or sale within the United States market.

Copies of the regulatory filing were distributed to global listing venues where ICICI Bank securities or American Depositary Receipts (ADRs) trade, including the New York Stock Exchange, Singapore Exchange, Japan Securities Dealers Association, and SIX Swiss Exchange Ltd.

Market Impact for Banking Sector and Investors

The successful $300 million senior note completion highlights strong international institutional confidence in Indian private sector banking balance sheets.

• For Institutional Investors: The issuance provides high-yield exposure to investment-grade Indian debt backed by stable corporate credit metrics.

• For Banking Operations: Securing foreign currency liquidity through GIFT City reinforces India's position as an emerging global financial services hub while expanding offshore lending capabilities.

• For Corporate Borrowers: Increased foreign currency funding enables Indian corporates to access cross-border trade credit and external commercial borrowings (ECBs) at competitive rates.

Official Sources Section

According to official regulatory filings submitted to BSE Limited and the National Stock Exchange of India Limited, the transaction was executed under ICICI Bank's established GMTN framework. Detailed documentation remains publicly available via the Securities and Exchange Board of India compliance repository.

Quote Section

According to official regulatory filings released by ICICI Bank Limited:

"ICICI Bank Limited, acting through its IFSC Banking Unit, has completed the issuance of USD 300 million Senior Unsecured Fixed Rate Notes under the USD 7.5 billion Global Medium Term Note Programme of the Bank."

Why It Matters

This issuance demonstrates ongoing demand among international institutional investors for quality Indian financial debt instruments. By leveraging its IFSC unit in GIFT City, ICICI Bank optimizes capital sourcing efficiency while building offshore credit capacity to support global corporate clients.

Key Facts at a Glance

• Issue Volume: USD 300 million.

• Structure: Senior Unsecured Fixed Rate Notes.

• Issuer Location: IFSC Banking Unit, GIFT City.

• Ratings: BBB (S&P Global) / Baa3 (Moody's).

• Trading Venues: India INX Global Securities Market and NSE IFSC.

Frequently Asked Questions (FAQ)

What is the total size of ICICI Bank's latest notes issuance?

ICICI Bank completed a senior unsecured fixed rate notes issuance totaling USD 300 million.

Where were the notes issued from?

The notes were issued by ICICI Bank Limited through its IFSC Banking Unit (IBU) located at GIFT City.

What credit ratings did the notes receive?

The notes received investment-grade credit ratings of 'BBB' from S&P Global Ratings and 'Baa3' from Moody's Ratings.

Which exchanges will list these senior fixed rate notes?