BRICS-backed NDB plans to raise $400-500 million in Indian rupee bonds: Report
Established in 2015 by Brazil, Russia, India, China, and South Africa, the New Development Bank (NDB) has raised about a third of its $11 billion in bond issues in local currencies, primarily the yuan and South African rand. The bank has also expressed plans to expand into other member currencies.
- Sep 26, 2025,
- Updated Sep 26, 2025 5:04 PM IST
The New Development Bank (NDB), backed by the BRICS countries, is set to issue its first-ever Indian rupee-denominated bond in the domestic market by the end of March 2026, according to a Reuters report.
Having previously raised funds in currencies like the Chinese yuan and South African rand, NDB is in advanced discussions with the Indian central bank for its debut rupee issuance, the report added citing sources. The bond will likely be a 3-5 year issue, with the bank aiming to raise between $400 million and $500 million in the initial tranche. Final approval for the bond issuance is still pending with the Reserve Bank of India (RBI), it added.
Although NDB had plans to tap into the Indian rupee bond market two years ago, the issuance was delayed as the necessary approvals from both the government and the RBI were not granted at that time, the Reuters report said.
Earlier this week, China announced new measures to bolster the development of yuan bonds in Hong Kong, while the RBI has recently rolled out steps to enhance investment options for foreign funds held in Indian bank accounts.
Details about the bond issuance, including whether NDB has appointed bankers to handle the deal, is yet to be disclosed. Established in 2015 by Brazil, Russia, India, China, and South Africa, NDB has raised about a third of its $11 billion in bond issues in local currencies, primarily the yuan and South African rand. The bank has also expressed plans to expand into other member currencies.
According to its 2022-2026 strategy report, NDB aims to allocate 30% of its total financing commitments during this period in the national currencies of its member countries. Previous rupee-denominated bond issues by multilateral agencies like the World Bank’s International Finance Corporation have garnered strong investor interest, both in local and overseas markets.
The New Development Bank (NDB), backed by the BRICS countries, is set to issue its first-ever Indian rupee-denominated bond in the domestic market by the end of March 2026, according to a Reuters report.
Having previously raised funds in currencies like the Chinese yuan and South African rand, NDB is in advanced discussions with the Indian central bank for its debut rupee issuance, the report added citing sources. The bond will likely be a 3-5 year issue, with the bank aiming to raise between $400 million and $500 million in the initial tranche. Final approval for the bond issuance is still pending with the Reserve Bank of India (RBI), it added.
Although NDB had plans to tap into the Indian rupee bond market two years ago, the issuance was delayed as the necessary approvals from both the government and the RBI were not granted at that time, the Reuters report said.
Earlier this week, China announced new measures to bolster the development of yuan bonds in Hong Kong, while the RBI has recently rolled out steps to enhance investment options for foreign funds held in Indian bank accounts.
Details about the bond issuance, including whether NDB has appointed bankers to handle the deal, is yet to be disclosed. Established in 2015 by Brazil, Russia, India, China, and South Africa, NDB has raised about a third of its $11 billion in bond issues in local currencies, primarily the yuan and South African rand. The bank has also expressed plans to expand into other member currencies.
According to its 2022-2026 strategy report, NDB aims to allocate 30% of its total financing commitments during this period in the national currencies of its member countries. Previous rupee-denominated bond issues by multilateral agencies like the World Bank’s International Finance Corporation have garnered strong investor interest, both in local and overseas markets.