HDFC Bank bond issue of US$1.75 billion completed via GIFT City
HDFC Bank completed a US$1.75 billion senior unsecured bond issue via GIFT City, split into three-year and five-year fixed-rate tranches.
HDFC Bank bond issue totalling US$1.75 billion has been completed through the lender’s GIFT City Branch, the bank said in a BSE filing dated August 20, 2026. The fundraising comprises senior unsecured fixed-rate notes issued in two tranches.
The first tranche has an issue size of US$500 million and a three-year tenor, while the second comprises US$1.25 billion of notes with a five-year tenor. Both tranches follow the 144A and Regulation S format.
Coupon and maturity details
| Issue size | Tenor | Coupon | Maturity |
|---|---|---|---|
| US$500 million | 3 years | 5.159% | August 26, 2029 |
| US$1.25 billion | 5 years | 5.401% | August 26, 2031 |
The coupons are payable semi-annually on a 30/360 basis. Settlement for both tranches is scheduled for August 26, 2026.
Ratings, ranking and proposed listing
HDFC Bank disclosed issuer ratings of Baa3 with a stable outlook from Moody’s and BBB with a stable outlook from S&P. The expected issue ratings are Baa3 and BBB from Moody’s and S&P, respectively.
- The notes are senior unsecured obligations.
- No charge or security has been created over the bank’s assets.
- Redemption will take place at maturity.
- The notes are to be listed on India INX, formally India International Exchange (IFSC) Limited, and NSE International Exchange, or NSE-IX.
The filing said the issuer and the appointed lead managers had also executed the subscription agreement, among other documents, for the issue.
The three-year notes carry RegS ISIN USY30909AA69 and 144A ISIN US42190GAA40. The five-year notes carry RegS ISIN USY30909AB43 and 144A ISIN US42190GAB23.
HDFC Bank stated that provisions concerning any delay or default in paying interest or principal would be governed by the terms and conditions of the notes. No special rights, interests or privileges are attached to the instruments, according to the filing.
The bank’s disclaimer clarified that the offering memorandum has not been registered as a prospectus or reviewed or approved by Indian regulatory authorities. It also said the notes have not been and will not be offered or sold to any person resident in India.
Source: BSE corporate announcement.