Cost-efficiency woos FCB listings in GIFT City

FUNDRAISING THROUGH FOREIGN currency bonds (FCBs) in Gujarat International Finance Tec (GIFT) City on its two international — stock exchanges —NSE IX and India INX— has seen several large issuances exceeding $4 billion in 2025.

- NESIL STANEY & CHRISTINA TITUS

Notable deals include ICICI Bank’s $700 million issuance at 4% and another $500 million at 3.8%.Muthoot Finance listed $600 million in September, while Tata Capital and IIFL Finance raised $400 million and $325 million, respectively. Colombo-based DFCC Bankwas the latest to list on India INX on September 26.

Inthe near-term, ECGC that provides export credit insurance to businesses in GIFT City is planning a FCB listing at GIFT City. NaBFID, SMFG India and several other shadow banks are also preparing to tap the market. NABARD is setting up a representative office in the city to raise external commercial borrowings (ECBs) for climate change projects from impact investors.