ICICI Bank is weighing a benchmark US dollar bond sale that would mark its first such transaction since 2017. The bank’s international bond investor disclosures show a series of benchmark-size senior US dollar notes sold between 2012 and 2017.
These included a $700 million 4.00% bond due 2026, a $300 million 3.25% bond due 2022 with 2017 taps, and a $500 million 3.80% senior bond due 2027 issued in December 2017. SGX listing records identify the 2027 note as issued by ICICI Bank through its Dubai branch, with both Rule 144A and Regulation S lines.
The bank’s credit rating disclosures list its foreign-currency senior unsecured medium-term notes at Baa3 from Moody’s and BBB from S&P. ICICI’s April 18, 2026 investor presentation outlined capital, deposit mix, cost of deposits, net interest margin, cost-to-income, provision levels, net non-performing asset ratio, and provision coverage.
An earnings call the same day said treasury profit and loss reflected market movements and referred to recent Reserve Bank of India guidelines capping FX net open positions in the onshore market. On June 8, 2026, the RBI also introduced a US dollar-rupee swap facility for fresh FCNR(B) deposits with three- to five-year tenors for eligible banks.