NaBFID prices $750M debut dollar bond, one of India's largest fintech debt deals
What's the deal? India's National Bank for Financing Infrastructure and Development (NaBFID)Dealroom has a profile for this one. Try Dealroom → has raised $750 million through its debut US dollar-denominated bond. The 10-year notes priced at a spread of 105 basis points above US Treasuries, giving a coupon of 6.1220%.
How big? The raise ranks among the largest fintech debt deals in India, landing in the top 1% of such rounds on record.
The demand: The infrastructure lender received bids worth over $2 billion, signalling strong appetite for the first-time issuer. That demand let NaBFID cut pricing to 25 basis points below its initial guidance of 130 basis points.
Why now? The bonds were sold under a discounted swap window opened in June, after the Reserve Bank of IndiaDealroom has a profile for this one. Try Dealroom → allowed banks and state-run companies to raise funds overseas and access a subsidised hedging facility. The move lowers the cost of managing currency risk.
What's the endgame? NaBFID is targeting a total fundraise of $4 billion before the end of 2026. It has already raised $850 million through external commercial borrowing in August, and $125 million via a dollar loan in March — its first offshore borrowing.
The signal: NaBFID's issue reflects a wider rush by Indian institutions to tap offshore debt markets. Lenders have raised $13 billion since June under the swap facility, with state-run entities such as Power Finance CorpDealroom has a profile for this one. Try Dealroom → also turning to dollar bonds.
Read more: bfsi.economictimes.indiatimes.com
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