BRICS-backed bank targets first Indian rupee-denominated bond by end-March
The New Development Bank (NDB), backed by BRICS nations, is preparing to launch its first Indian rupee-denominated bond in the domestic market before the end of March 2026, according to three sources familiar with the plan.
NDB, which has previously raised funds in Chinese yuan and South African rand, is in advanced stages of discussions with the Indian central bank for its debut rupee issuance, the sources said, News.Az reports, citing Reuters.
It will look to raise between $400 million and $500 million through 3-5 year bonds in the first tranche, one of the sources said.
The plan comes at a time when China and India are both pushing for greater international acceptance of their currencies and as investors are seeking to diversify their assets beyond developed markets.
Earlier this week, China rolled out measures to support the development of yuan bonds in Hong Kong and, over the past few months, the Indian central bank has announced steps to allow wider investment options for foreign funds held in Indian bank accounts.
Details of the bond issuance have not been previously reported. It could not be ascertained if NDB has appointed bankers to the issue.
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