The three banks reported offshore debt transactions totalling $1.85 billion across Monday and Tuesday. This figure combines fresh borrowing with a planned repayment, rather than representing money raised entirely through new bond sales. Such transactions give banks access to overseas investors and help them manage funding obligations.

Axis intends to repay its entire $600 million issue of Additional Tier 1 notes on September 8, 2026. Issued during 2021, these securities carry interest of 4.10 per cent. RBI approval has already been obtained; the regulator requires the bank to retain adequate capital after redemption.

Kotak secured $650 million through senior unsecured securities under its $1 billion Euro Medium Term Note programme. With maturity set for August 2031, the bonds offer 5.478 per cent interest and hold a BBB rating from S&P Global. The sale used Regulation S, covering offers to international investors outside the US.

Union Bank borrowed $600 million through its DIFC branch in Dubai, dividing the issue equally between two maturities. Its three-year tranche carries 5.230 per cent interest, while the five-year portion pays 5.417 per cent. Proceeds are intended for Dubai operations and general business purposes.