EXIM Bank raises $1 billion through 10- and 30-year dollar bonds

Export-Import Bank of India (EXIM Bank) has accepted bids worth $1 billion for its two-tranche longer-dated US dollar bonds, two investment bankers said on Tuesday in the country’s first such debt issuance before 2026.

The lender raised $500 million through 10-year bonds at 5.00%, an 85 basis point spread over 10-year U.S. Treasury yields, and a similar amount through the sale of 30-year bonds at 5.75%, a 95 basis point spread over comparable U.S. rates.

The lender initially provided guidance for a spread of 115-140 basis points, but strong demand led to aggressive pricing.

EXIM Bank did not respond to a Reuters request for comment.

Analysts at US-based brokerage CreditSights said in a note that they expected fair value for the issue to be at a spread of 90-105 basis points, indicating current pricing is aggressive.

“Given that the longer-dated 30-year tranche is likely to tighten over time to flatten out to the 10-year tranche, we therefore see fair value for the 30-year tranche at a spread of 105 basis points,” the report said.

The bonds have a BBB rating from Fitch Ratings, which is in line with the issuer’s rating.

The bonds will be listed in Singapore, London and India, and the proceeds will be used for financing, including loans for foreign investment and imports of capital goods, the bankers added.

Published on January 6, 2026