Indian firms plan $14.5bn overseas bond boost by 2026
Indian companies are gearing up to raise about $14.5 billion through overseas bonds by 2026, mostly to pay off earlier loans coming due.
JPMorgan's Anjan Agarwal explains that much of this is just refinancing—basically rolling over the $9 billion borrowed back in 2021, since these loans typically have a five-year term.
Why now? New rules, fresh moves
Besides repaying debt, some strong companies are eyeing global takeovers and want extra cash for expansion.
The Reserve Bank of India is planning to make it easier to borrow from abroad by raising limits and relaxing rules, though a weaker rupee and high costs make things tricky.
Meanwhile, Indian firms are also tapping local markets in a big way, and NBFCs (non-banking financial companies) are being nudged to look beyond banks for funding so they're not putting all their eggs in one basket.