Bank of Baroda has filed its comprehensive statement of outstanding bonds with the Bombay Stock Exchange and National Stock Exchange of India for the year ended March 31, 2026. The submission, made on April 6, 2026, complies with Chapter VIII, Clause 10.1 (a) of the SEBI Operational Circular dated August 10, 2021.

Outstanding Bond Portfolio Overview

The bank's outstanding bond portfolio comprises 16 distinct issues with a combined value exceeding ₹6 lakh crore. These instruments represent a diverse range of debt securities with varying maturity profiles and coupon structures, reflecting the bank's comprehensive funding strategy.

Bond Issue Details and Structure

The outstanding bonds showcase a wide spectrum of characteristics across different issuance periods and terms:

Recent Bond Issuances

The bank's most recent bond issuance occurred on March 5, 2026, representing the largest single issue in the portfolio:

Coupon Rate Analysis

The coupon rates across the bond portfolio range from 7.10% to 8.76% per annum, with yearly payment frequency maintained consistently across all issues. The highest coupon rate of 8.76% applies to an eDena Bank bond (INE077A08098) issued on September 20, 2016, with maturity on September 20, 2026.

Embedded Options and Features

Several bonds in the portfolio include call options, providing the bank with flexibility for early redemption. Notable features include:

• Call Options: Available on 7 out of 16 bond issues
• Perpetual Bonds: Three issues with no fixed maturity date
• Fixed-Term Bonds: Majority with specific maturity dates ranging from 2026 to 2039

Trustee Arrangements

The bond portfolio is managed through two primary trustee arrangements:

The statement confirms that all outstanding amounts remain equal to the originally issued amounts, indicating no partial redemptions have occurred across the portfolio. This comprehensive disclosure ensures transparency and regulatory compliance while providing stakeholders with detailed information about the bank's debt capital structure.

Bank of Baroda has received a positive assessment from Citi, which maintained its Buy rating on the public sector bank with a target price of ₹360. The brokerage highlighted several key performance indicators that support the bank's strong operational momentum.

Strong Growth in Advances and Deposits

The bank demonstrated robust lending growth with advances increasing by 6% on a quarter-on-quarter basis, primarily driven by retail and overseas loan segments. This growth trajectory reflects the bank's strategic focus on diversifying its loan portfolio and expanding its international presence.

Deposit mobilization showed strong momentum with a 12% year-on-year growth, indicating improved customer confidence and the bank's enhanced deposit-gathering capabilities. The loan-to-deposit ratio remained stable at 83.50%, reflecting balanced growth between lending and deposit mobilization.

Earnings Support Factors

Citi noted that higher recoveries and dividend income are providing additional support to the bank's earnings profile. These factors, combined with operational improvements, are contributing to enhanced profitability metrics.

The brokerage also highlighted the positive impact of tax refund benefits on the bank's financial performance. The return on assets is expected to reach around 1.10%, indicating improved asset utilization and operational efficiency.

Investment Outlook

The maintained Buy rating with a ₹360 target price reflects Citi's confidence in Bank of Baroda's operational performance and growth prospects. The combination of strong advances growth, healthy deposit mobilization, and stable financial ratios supports the positive investment thesis for the public sector bank.