ICICI Bank raises $1.45 billion, leveraging RBI's cheaper hedging window

ICICI Bank is raising $1.45 billion through a four-year syndicated offshore loan. The bank priced the deal at 110 basis points over the SOFR rate.

This initiative utilizes a temporary Reserve Bank of India (RBI) facility to secure lower hedging costs. The bank aims to finalize affordable dollar funding before the concessional foreign-exchange swap window closes on December 31, 2026.

Indian banks have raised $2.58 billion in overseas funding since the RBI introduced this facility in June 2026. A global syndicate including Bank of America, Mizuho Bank, Mashreqbank, and United Overseas Bank is managing the deal.