Kotak Mahindra Bank has approved the pricing, tenure, and terms for the issuance of US$650 million in senior notes. These notes are part of the Bank’s established US$1 billion euro medium-term note programme. The issuance is governed by Regulation S of the U.S. Securities Act of 1933 and aims to diversify the Bank’s funding sources and support general corporate purposes. The notes are rated BBB by S&P Global Ratings and will mature in 5 years.
Kotak Mahindra Bank Approves Senior Notes Issuance
Kotak Mahindra Bank Limited announced on August 18, 2026, that its board has approved the pricing, tenure, and terms for the issuance of senior notes. This issuance is part of the Bank’s US$1 billion euro medium-term note programme, established under Regulation S of the U.S. Securities Act of 1933.
Key Details of the Notes
The total size of the issuance will be US$650,000,000. The senior notes are expected to be rated BBB by S&P Global Ratings. The net proceeds from this issuance will be utilized to diversify the Bank’s funding sources and meet its general corporate purposes.
Tenure and Coupon
The notes will have a tenure of 5 years, with an allotment date of August 24, 2026, and a maturity date of August 24, 2031. The fixed rate coupon for these notes is set at 5.478% per annum. Interest payments are scheduled semi-annually on February 24 and August 24 each year, with the principal redemption at par scheduled for August 24, 2031.
Listing and Denomination
The senior notes will be listed on the India International Exchange IFSC Limited and NSE IFSC Limited. The specified denomination for the notes is U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. The notes are unsecured.
ISIN and Common Code
The ISIN for these senior notes is XS3480765588, and the Common Code is 348076558.
Source: BSE
