RBL Bank Notes: Pricing Approved for $350 Million Issue at 5.791% Coupon
RBL Bank approved terms for a $350 million senior unsecured notes issue, with a 5.791% coupon and proceeds earmarked for GIFT City banking and corporate needs.
RBL Bank approved pricing, tenure and other terms for its US$350 million senior unsecured notes on September 9, 2026, according to its BSE filing dated the same day. The RBL Bank notes will carry a 5.791% fixed coupon and mature in September 2031.
The proposed issue forms part of the bank’s US$1 billion Euro Medium Term Note Programme, whose establishment it had communicated to exchanges in a letter dated September 7, 2026. The latest disclosure sets out the terms of the US$350 million tranche under that programme.
The notes are to be issued pursuant to Regulation S of the US Securities Act, 1933. The filing records approval of the issue terms, with allotment scheduled for September 16, 2026.
Five-year tenure and half-yearly interest payments
The US$350 million issue has a five-year tenure. Investors will receive coupon payments twice a year, with principal repayable in a single instalment at maturity.
- Scheduled allotment: September 16, 2026, on a T+5 basis.
- Maturity: September 16, 2031.
- Interest payment dates: March 16 and September 16 each year, beginning March 16, 2027, through maturity.
- Principal repayment: Redemption at par through a bullet payment on maturity.
- Specified denomination: US$200,000, with integral multiples of US$1,000 above that amount.
The notes are unsecured, with no security created over assets. The filing identifies the instrument by ISIN XS3506162687.
Proceeds allocated to GIFT City unit and corporate purposes
RBL Bank said the net proceeds will be used, in accordance with applicable requirements, to meet funding needs of its GIFT City International Banking Unit, develop and expand that unit’s business, and/or meet the bank’s general corporate purposes.
The filing lists India International Exchange IFSC Limited and NSE IFSC Limited as the exchanges for the notes’ listing. It states that the instrument is expected to receive ratings of Baa2 (stable) from Moody’s and BBB+ (Stable) from CareEdge Global; these are described as expected ratings.
The bank’s disclosure also says the notes have not been, and will not be, registered under the US Securities Act. The announcement is for information purposes and does not constitute an offer of securities for sale in the United States.
Source: BSE corporate announcement.