The notes carry a fixed coupon of 5.318% per annum, payable semi-annually, and were priced at an all-in yield of 5.389%.
The latest fundraising is a tap of Bank of Baroda’s existing $300 million 5.318% senior unsecured notes due August 20, 2031. The additional $400 million will be consolidated with the earlier notes to form a single series with a total outstanding amount of $700 million.
The new notes will be issued on August 27 through the bank’s International Financial Services Centre Banking Unit (IFSCBU) at GIFT City, Gandhinagar.
They will be listed on the Singapore Exchange, India International Exchange (India INX) and NSE International Exchange (NSE IX).
Rating agencies assign investment-grade ratings
Fitch Ratings has assigned a ‘BBB-‘ senior unsecured long-term rating to the notes, while S&P Global Ratings has rated them ‘BBB’. CareEdge Global Ratings has assigned a ‘BBB+/Stable’ rating.
Following the latest issuance, CareEdge Global increased the rated amount of Bank of Baroda’s senior unsecured notes to $1.1 billion. It also maintained its ‘BBB+/Stable’ rating on the bank’s $4 billion global MTN programme and its long-term foreign currency issuer rating.
CareEdge said its ratings factor in Bank of Baroda’s position as a public sector lender and the Government of India’s 63.97% stake in the bank as of March 2026. It also cited the lender’s domestic and overseas presence, capitalisation, funding and liquidity position.
Bank’s gross NPA ratio at 1.9%
Bank of Baroda’s capital adequacy ratio stood at 15.8% as of March 2026, while its common equity tier 1 ratio was 13.2%.
The bank’s gross non-performing asset ratio stood at 1.9%, while its net NPA ratio was 0.4%. Its liquidity coverage ratio was 127%.
According to CareEdge Global, Bank of Baroda had consolidated assets of ₹21,015 billion as of March 2026 and reported a profit after tax of ₹198 billion for the year ended March 31, 2026. Its return on assets stood at 1%.
