Kotak Mahindra Bank has uploaded the pricing supplement for its US$ 650 million senior notes due 2031 on India International Exchange (IFSC) Limited and NSE IFSC Limited. The filing confirms the final terms of the issuance under its Euro Medium Term Note (EMTN) program.

The bank completed the allotment of the US$ 650 million issue on August 24, 2026. These are 5.478% fixed-rate senior notes with a maturity date of August 24, 2031, representing a five-year tenor.

Allotment details

The notes carry a credit rating of BBB from S&P Global Ratings. Interest payments will be made semi-annually on February 24 and August 24 each year until maturity. The principal amount is redeemable at par on the maturity date.

Program context

This issuance is part of Kotak Mahindra Bank's broader US$ 1 billion EMTN program established under Regulation S of the U.S. Securities Act 1933. Previously, the bank had approved the pricing and conditions for senior notes under this framework.

The net proceeds from this specific tranche will be utilized to diversify the bank's funding sources and meet general corporate purposes. The instruments are unsecured and do not carry any special rights or privileges attached to them.

The pricing supplement is available on the websites of India International Exchange (IFSC) Limited and NSE International Exchange. The bank also hosted the intimation on its website in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Kotak Mahindra Bank has initiated discussions with international lenders HSBC and CTBC to raise $600 million through an overseas loan. The development was reported by ET, highlighting the bank's effort to tap foreign funding channels for its financing requirements.

Key Details of the Proposed Borrowing

The proposed loan is notable for its anticipated eligibility under the Reserve Bank of India's special swap facility, which could offer the bank favorable terms on the overseas borrowing. The following table summarizes the key parameters of the transaction as reported:

Background

The move reflects Kotak Mahindra Bank's engagement with global financial institutions to diversify its funding sources. By approaching HSBC and CTBC, the bank is leveraging established international banking relationships. The potential qualification under the RBI's special swap facility adds a regulatory dimension to the transaction, which could influence the cost and structure of the borrowing.

No further details regarding the tenure, interest rate, or end-use of the funds were available in the source data at the time of reporting.