New Delhi: Bank of Baroda has raised an additional $400 million through Senior Unsecured Reg-S Fixed Rate Notes, taking the total size of its existing 2031 dollar bond issue to $700 million.
The additional notes carry a 5.318% annual coupon and an all-in yield of 5.389% per annum. The bonds are scheduled to be issued on August 27, 2026, through the bank’s International Financial Services Centre (IFSC) Banking Unit at GIFT City, Gandhinagar.
Bank of Baroda Expands Existing $300 Million Bond Issue
The latest $400 million fundraising is a tap of Bank of Baroda’s existing $300 million bond issue.
A tap issue allows the bank to add further bonds to the same existing series instead of launching an entirely new bond programme.
Key Details of the Bond Issue
- Additional fundraising: $400 million
- Total 2031 bond issue: $700 million
- Coupon rate: 5.318% per annum
- All-in yield: 5.389% per annum
- Issue date: August 27, 2026
- Maturity date: August 20, 2031
- Instrument: Senior Unsecured Reg-S Fixed Rate Notes
- Issuing branch: Bank of Baroda’s IFSC Banking Unit, GIFT City
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Bonds to Be Listed on Three Exchanges
Bank of Baroda’s dollar-denominated notes will be listed on multiple international and Indian exchanges.
The notes will be listed on:
- Singapore Exchange
- India INX, GIFT City
- NSE IX, GIFT City
The multiple listings provide access to a broader investor base across international and domestic financial markets.
Bank of Baroda Maintains Strong Credit Profile
The fundraising comes with Bank of Baroda maintaining investment-grade ratings from major credit rating agencies.
The ratings mentioned for the bank include:
Credit Ratings
- Fitch Ratings: BBB-
- S&P Global Ratings: BBB
- CareEdge Global: BBB+/Stable
CareEdge highlighted Bank of Baroda’s position as a public sector lender and the Government of India’s 63.97% stake in the bank as of March 2026.
The rating agency also considered the bank’s domestic and international presence, capitalisation, funding profile and liquidity position.
Bank of Baroda Reports 1.9% Gross NPA
Bank of Baroda reported a gross non-performing asset (NPA) ratio of 1.9% as of March 2026, while its net NPA ratio stood at 0.4%.
Other key financial indicators included:
- Capital adequacy ratio: 15.8%
- Common Equity Tier 1 (CET1) ratio: 13.2%
- Liquidity Coverage Ratio (LCR): 127%
- Consolidated assets: ₹21,015 billion as of March 2026
- Profit after tax: ₹198 billion for FY ended March 31, 2026
- Return on assets: 1%
Fitch Ratings also confirmed that the tap issue would not result in an adverse rating action on the ratings covered by its confirmation.
Dollar Bond Issue Strengthens Overseas Funding Access
The additional $400 million fundraising will take the total size of Bank of Baroda’s 5.318% notes due in 2031 to $700 million.
The transaction provides the bank with additional access to international debt markets and strengthens its foreign-currency funding base.
The issue also highlights the role of GIFT City as an international financial centre for raising funds through global debt markets.
About Bank of Baroda
Bank of Baroda (BoB) is one of India’s leading public sector banks, with operations across retail banking, corporate banking, international banking and other financial services. The bank has a significant domestic and overseas presence and provides a wide range of banking and financial products to individuals, businesses and institutions.
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