BRICS’ NDB eyes debut rupee bond by March 2026

The BRICS countries-backed New Development Bank (NDB) plans to issue its first Indian rupee-denominated bond in the domestic market before end-March 2026, three people familiar with the matter said.

- Reuters

NDB, which has previously raised funds in Chinese yuan and South African rand, is in advanced stages of discussions with the Indian central bank for its debut rupee issuance, the people said.

It will look to raise between $400 million and $500 million through 3-5 year bonds in the first tranche, one of the people said.

The plan comes at a time when China and India are both pushing for greater international acceptance of their currencies and as investors are seeking to diversify their assets beyond developed markets.