Deutsche Bank AG clinched the top slot arranging dollar bonds for Indian borrowers for the first time since 2007, taking over from Standard Chartered Bank as foreign currency debt issuance slowed.
The bank helped raise dollar bonds for a group of Indian borrowers including non-banking finance company Muthoot Finance Ltd., Sammaan Capital and Vedanta Resources Ltd.—the largest issuer in 2025, according to Bloomberg data.
Deutsche Bank’s ascent came as Indian firms scaled back sales of foreign debt. The rupee’s weakness and surging hedging costs overseas dampened the appeal of offshore issuance, especially for borrowers with minimal overseas operations.
Indian companies’ dollar bond sales dipped more than 37% to $8.3 billion through 21 deals in 2025, show the data. Meanwhile sales of local currency debt hit a record high at ₹13.6 lakh crore (~$151 billion).
The German bank has been ramping up debt capital market activities, acting as sole arranger for India’s biggest private credit deal in May of last year. The deal was denominated in rupees and the bonds were not listed.
Standard Chartered Bank ranked second in underwriting offshore bonds for Indian borrowers, followed by HSBC Holdings Plc, which improved its ranking by three notches.
{{/usCountry}}Standard Chartered Bank ranked second in underwriting offshore bonds for Indian borrowers, followed by HSBC Holdings Plc, which improved its ranking by three notches.
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