In 2025, Deutsche Bank will be the leading dealer of Indian dollar bonds.

Due to a declining rupee, sales of dollar bonds by Indian firms fell more than 37% to $8.3 billion through 21 transactions in 2025.



As foreign currency debt issuance slowed, Deutsche Bank AG overtook Standard Chartered Bank to secure the top position arranging dollar bonds for Indian debtors for the first time since 2007.

According to Bloomberg data, the bank assisted in raising dollar bonds for a number of Indian borrowers, including non-banking finance company Muthoot Finance Ltd., Sammaan Capital, and Vedanta Resources Ltd., the biggest issuer in 2025.

Deutsche Bank's rise coincided with a decrease in international debt sales by Indian companies. The appeal of offshore issuance was diminished by the weakening rupee and rising foreign hedging costs, particularly for borrowers with few international businesses.

According to the data, dollar bond sales by Indian corporations fell more than 37% to $8.3 billion through 21 transactions in 2025. At ₹13.6 lakh crore (~$151 billion), sales of local currency debt reached a new high.

The German bank has been increasing its involvement in the debt capital market; in May of last year, it served as the exclusive arranger of the largest private credit transaction in India. The bonds were not published, and the transaction was valued in rupees.

When it came to underwriting offshore bonds for Indian debtors, Standard Chartered Bank came in second, followed by HSBC Holdings Plc, which moved up three spots.

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