GIFT IFSC Steps Up as India’s Offshore Bond Listing Platform

OVERVIEW

 
  • GIFT City IFSC is steadily developing into a significant platform for raising and listing international debt securities.
  • Over the past year, major Indian banks and corporate groups have used their GIFT IFSC Banking Units, treasury centres and international exchanges to issue or list foreign-currency bonds.
  • Recent transactions involving SBI, Adani Energy Solutions, HDFC Bank, Axis Bank and ICICI Bank demonstrate that GIFT IFSC is no longer being viewed merely as an additional listing venue. It is increasingly becoming part of the actual structuring, issuance and international fundraising process.
  • The IFSCA (Listing) Regulations, 2024 provide a unified framework for listing debt securities and other permitted financial products on recognised stock exchanges in IFSC. The framework is intended to promote ease of doing business while maintaining transparent disclosure and investor-protection standards.

KEY RECENT BOND ISSUANCE AND LISTING


1. State Bank of India

  • SBI listed $ 500 million of Regulation S bonds on NSE International Exchange (NSE-IX) at GIFT IFSC in September 2025.
  • The five-year notes carried a coupon of 4.50% and were also listed on the Singapore Exchange. The final order book exceeded $ 1.1 billion, indicating strong participation from international investors.
  • The bond was priced at a spread of 75 bps over the benchmark and was listed on SGX-ST and NSE-IX.
2. ATSOL Global IFSC Limited
 
  • ATSOL Global IFSC Limited a step-down subsidiary of Adani Energy Solutions Limited (AESL), listed $500 million of 6.117% senior secured notes on the Global Securities Market of India INX on May 20, 2026.
  • The issuance was subscribed by Apollo Global Management-managed funds to refinance existing debt.
  • The 15-year notes carry a coupon of 6.117% and mature in April 2041.
  • The transaction is particularly significant because the issuer operated through a treasury entity established within GIFT IFSC.
3. HDFC Bank
 
  • HDFC Bank, through its GIFT City IFSC Banking Unit, has completed the issuance of $750 million senior unsecured bonds, on 16 June 2026, bolstering its access to offshore funding markets.
  • The five-year bonds, carrying a 5.067% annual coupon and mature in June 2031.
  • The bonds are listed on India International Exchange (India INX) and NSE IFSC at GIFT City.
  • The bonds are rated Baa3 by Moody’s Ratings and BBB by S&P Global Ratings, placing them firmly in the investment-grade category.
4. Axis Bank
 
  • Axis Bank, India’s third largest private sector lender, has raised an $800 million dual-tranche US dollar bond issuance under its Global Medium Term Note (GMTN) programme on 23 June 2026.
  • It comprises $500 million of Additional Tier 1 (AT1) capital notes and $300 million of senior unsecured notes. The lender raised the $500 million AT1 notes at a coupon of 6.875 per cent per annum, payable semi-annually in arrears.
  • In addition, Axis Bank raised $300 million through 5-year senior unsecured fixed-rate notes at a coupon of 5.348 per cent per annum, payable semi-annually in arrears. The notes, issued as Series 10, Tranche 1, will mature on June 30, 2031.
5. ICICI Bank
 
  • ICICI Bank acting through its IFSC Banking unit, has successfully priced $ 1 billion in Senior Unsecured Fixed Rate Notes. These notes are part of the Bank’s $ 7.5 billion Global Medium Term Note Programme.
  • The issuance, priced at 1:33 a.m. IST on July 24, 2026, carries a coupon rate of 5.459%. The proceeds will be utilized for the Bank’s general corporate purposes, adhering to regulatory guidelines. The notes are set to mature on July 30, 2031.
6. Canara Bank
 
  • Canara Bank through its IFSC Banking Unit has raised $200 million through a tap issuance of 4.896% senior unsecured notes due 2029, consolidating with an existing US$300 million issue.
  • Proceeds will fund the IFSC Banking Unit and offshore branches, with no repatriation to India. The notes are listed on Singapore Exchange Securities Trading Limited and India INX.

WHY ARE ISSUERS CHOOSING GIFT IFSC?

 
  • Reduced Foreign-Exchange Hedging Cost: The RBI’s special swap facility provides eligible banks and borrowers with a more predictable and concessional mechanism for hedging foreign-currency borrowings.
  • Access to Global Investors: Dollar-denominated bonds allow issuers to approach international institutional investors, including global banks, asset managers, insurance companies and pension funds.
  • Globally Aligned Listing Framework: The IFSCA (Listing) Regulations, 2024 permit Indian, IFSC and eligible foreign issuers to list debt securities and other financial products within a globally benchmarked regulatory framework.
  • Foreign-Currency Fundraising Through India: GIFT IFSC enables Indian issuers to undertake international debt-market activities through an Indian financial jurisdiction instead of relying exclusively on traditional overseas financial centres.

CONCLUSION 

 
  • The recent bond transactions involving SBI, Adani Energy Solutions, HDFC Bank, Axis Bank and ICICI Bank reflect a structural development in India’s international debt market.
  • Every issuance listed at GIFT IFSC deepens the outstanding stock of listed debt on India INX and NSE IFSC, strengthening both exchanges when they compete for future mandates against Singapore, Dubai and London.

Download Brochure