NaBFID Aims for $1 Billion Through Debut US Dollar Bond Issuance

India's National Bank for Financing Infrastructure and Development (NaBFID) is planning to raise $1 billion through its debut US dollar-denominated bond issuance. The institution has provided an initial price guidance, which indicates a spread of 130 basis points over the 10-year U.S. Treasury yield.

The bond sale will be under the central bank's discounted swap window, and NaBFID aims to raise around $1 billion through this issue. This comes after the Reserve Bank of India allowed banks and state-run companies to raise funds overseas and access a subsidised hedging facility in June.

NaBFID is targeting a total fundraise of $4 billion before the end of 2026, with $850 million already raised through external commercial borrowing in August. The institution had previously raised $125 million via a smaller dollar loan tranche in March, marking its debut borrowing in the offshore market.