Three major Indian banks raise over $1.85 billion in offshore bonds, signalling strong global market participation

Three major Indian banks, Axis Bank, Kotak Mahindra Bank, and Union Bank of India, made significant moves in the international debt markets on Monday and Tuesday, collectively involving $1.85 billion in offshore bond activity, even as their shares traded mixed on the NSE on Tuesday.

Axis Bank

Axis Bank said it will redeem its $600 million 4.10 per cent Additional Tier 1 (AT1) notes in full on September 8, 2026, the First Call Date, at par or 100 per cent of the principal, plus accrued and unpaid interest. The notes, issued on September 8, 2021, under an Offering Circular dated August 19, 2021, carry ISINs USY1009XAA73 and US05464XAA37. The private sector lender disclosed on August 24 that it had obtained prior approval from the Reserve Bank of India’s Department of Banking Regulation on July 31, 2026, and had demonstrated to the RBI’s satisfaction that its capital position would remain well above minimum requirements post-redemption. The bank’s shares closed at ₹1,235 on Tuesday, down 0.08 per cent, with a market capitalisation of approximately ₹3.84 lakh crore.

Kotak Mahindra Bank

Union Bank of India