The latest notes were priced on Monday (August 24) through the bank’s International Financial Services Centre (IFSC) Banking Unit, according to a regulatory filing. The unsecured notes are being issued through a Regulation S private placement.
The notes are scheduled to be allotted on August 28, 2026, and will mature on August 28, 2031. Interest will be paid twice a year, on February 28 and August 28, with the first payment due on February 28, 2027.
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Second international bond issue in a month
The latest issue follows IDFC FIRST Bank’s $500 million three-year international bond offering, which was priced on August 18. The bank increased the size of that issue by $100 million to $600 million on August 19.
With the latest $350 million issue, the bank has priced $950 million of international bonds in six days. The bank said the issuances attracted demand from global institutional investors.
The new notes are proposed to be listed on the Vienna Multilateral Trading Facility and the Global Securities Market of India International Exchange and/or the Debt Securities Market of NSE International Exchange.
Unless redeemed or purchased and cancelled earlier, the notes will be repaid at maturity. The bank said there has been no delay or default in the payment of interest or principal on its securities.The latest fundraising comes after S&P Global Ratings assigned IDFC FIRST Bank an investment-grade long-term issuer credit rating of BBB-, with a stable outlook, on August 13.
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