1 week ago
ICICI Bank Prices $1 Billion Notes; Kotak Issues $650 Million
ICICI Bank borrowed $1 billion by selling bonds to investors.
These bonds will mature in 2031 and pay a fixed interest rate of 5.410%.
Kotak Mahindra Bank also raised money by selling $650 million of bonds.
Its bonds will also mature in 2031 and pay 5.478% interest.
ICICI Bank said the money came through its IFSC Banking Unit.
The bank plans to use the money for general business needs.
Kotak said it will use its funds for general business needs and to diversify how it gets funding.
Both transactions were announced on August 24, 2026.
ICICI Bank priced $1 billion in five-year senior unsecured fixed-rate notes due 2031 at 5.410%.
Kotak Mahindra Bank allotted $650 million in senior notes due 2031 with a 5.478% coupon.
ICICI Bank’s issuance is part of its $7.5 billion Global Medium Term Note Programme.
Kotak Mahindra Bank issued its notes under a $1 billion euro medium-term note programme established under Regulation S.
Both banks said the proceeds will support general corporate purposes, with Kotak also citing funding-source diversification.
- Who
- ICICI Bank and Kotak Mahindra Bank.
- What
- ICICI Bank priced $1 billion of five-year senior unsecured notes, while Kotak Mahindra Bank allotted $650 million of senior notes.
- Where
- ICICI Bank raised its notes through its IFSC Banking Unit; the specific location of Kotak Mahindra Bank’s issuance was not stated.
- When
- The announcement was published on August 24, 2026; ICICI Bank’s pricing was announced on Monday.
- Why
- The proceeds will be used for general corporate purposes; Kotak also cited diversification of its funding sources.
Key facts
- ICICI Bank issuance
- $1 billion of five-year senior unsecured fixed-rate notes
- ICICI Bank interest rate
- 5.410%
- ICICI Bank maturity
- 2031
- Kotak Mahindra Bank issuance
- $650 million of senior notes
- Kotak interest rate
- 5.478%
- ICICI Bank programme
- $7.5 billion Global Medium Term Note Programme
- Kotak programme
- $1 billion euro medium-term note programme under Regulation S
Sources
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