Fitch Ratings has assigned a final ‘BBB-’ rating to the Export-Import Bank of India’s $1 billion U.S. dollar bond issue, comprising $500 million 10-year notes at 5.0% and $500 million 30-year notes at 5.75%. The bonds, listed internationally, will fund overseas lending and capital goods imports.
The Export-Import Bank of India (EXIM Bank) has successfully raised $1 billion through a dual-tranche U.S. dollar bond issue, marking the country’s first major overseas debt offering of 2026. Fitch Ratings has now assigned a final ‘BBB-’ rating to the issuance, confirming its alignment with EXIM’s long-term issuer default rating.
Key Highlights
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Bond structure: The issue includes $500 million of 10-year senior unsecured notes priced at 5.0%, and $500 million of 30-year notes priced at 5.75%.
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Investor demand: Strong subscription allowed aggressive pricing, narrowing spreads compared to initial guidance.
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Use of proceeds: Funds will support overseas lending programs and capital goods imports, reinforcing EXIM’s role in financing India’s global trade.
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Credit profile: Fitch noted the bonds are direct, unconditional, unsubordinated, and unsecured obligations, rated at the same level as EXIM’s issuer default rating.
Market Context
Analysts highlight that the successful issuance reflects investor confidence in India’s sovereign-linked institutions, even amid global market volatility. The dual-tranche structure provides EXIM with long-term funding flexibility, strengthening its ability to support India’s export sector.
Sources: Fitch Ratings, Economic Times, The Hindu BusinessLine