HDFC Bank issues US$1.75 billion in senior notes via GIFT City

HDFC Bank has completed a landmark US$1.75 billion dual-tranche senior unsecured fixed-rate notes issuance through its GIFT City branch. The offering consisted of US$500 million in three-year notes and US$1.25 billion in five-year notes, issued under Rule 144A and Regulation S formats.

The transaction attracted approximately US$7 billion in investor orders, signaling significant international demand for Indian financial institutions. The proceeds are intended to fund the bank’s foreign branches, support business expansion, and serve general corporate purposes. The notes will be listed on the India International Exchange (IFSC) Limited and the NSE International Exchange.

Legal advisory for the deal included Linklaters and Clifford Chance. The issuance is noted as one of the largest debt capital market fundraisings by an Indian financial institution and represents a major US dollar bank issuance from India since the global financial crisis.