2 weeks ago
Yes Bank eyes dollar bond market after six-year hiatus
Yes Bank is a bank in India.
A long time ago, in 2020, it had big money troubles and needed help.
Now, after six years, it wants to borrow money from people in other countries by selling special notes called dollar bonds.
The bank has picked helpers called arrangers to set this up.
It plans to sell three-year notes that people can buy with US dollars.
The bank will start talking to investors on Monday.
Other banks in India have already raised about $5.27 billion in the last two months.
The central bank, the Reserve Bank of India, made new rules in June to help bring money into the country.
Yes Bank's bonds are rated a little below investment grade, which means they are a bit riskier.
A big Japanese company, Sumitomo Mitsui, now owns about 25% of Yes Bank, and the bank has been getting stronger since its troubles.
Yes Bank has appointed arrangers for a potential dollar bond issue, its first since writing off AT1 debt in 2020.
The bank plans to sell a benchmark-sized three-year US dollar-denominated note, with investor discussions starting Monday.
Indian banks have raised about $5.27 billion overseas over the past two months, aided by Reserve Bank of India measures from June.
The proposed dollar debt would be rated below investment grade: Ba1 by Moody's Ratings and BB by S&P Global Ratings.
Sumitomo Mitsui Financial Group acquired an approximately 25% stake in Yes Bank in 2025, becoming its largest shareholder.
- Who
- Yes Bank, an Indian private-sector lender, along with the arrangers it has appointed for the bond sale.
- What
- Returning to the international dollar bond market with a benchmark-sized three-year US dollar-denominated note.
- Where
- The international bond market; the bank is based in India.
- When
- Announced ahead of investor discussions scheduled to begin Monday, following a six-year hiatus since 2020.
- Why
- To raise foreign-currency funding amid Reserve Bank of India measures encouraging capital inflows and supporting the rupee.
Key facts
- Bank
- Yes Bank
- Planned instrument
- Benchmark-sized three-year US dollar-denominated note
- Last international bond
- AT1 debt permanently written off in March 2020
- Credit ratings
- Ba1 (Moody's Ratings), BB (S&P Global Ratings)
- Overseas fundraising by Indian banks
- $5.27 billion over the past two months
- Largest shareholder
- Sumitomo Mitsui Financial Group (approximately 25% stake, 2025)
- Crisil rating upgrade
- Rupee infrastructure bonds and Tier 2 debt upgraded to AA in August
- RBI measures
- Introduced in June to encourage capital inflows and support the rupee











