Yes Bank Ltd. is preparing to return to the international bond market for the first time since its controversial Additional Tier 1 (AT1) debt write-off in 2020. The Indian private-sector lender has appointed arrangers for a proposed benchmark-sized three-year US dollar bond and is scheduled to hold discussions with fixed-income investors. The planned issuance comes as Indian banks increase overseas fundraising following measures by the Reserve Bank of India aimed at encouraging capital inflows and supporting the rupee. Yes Bank permanently wrote off its AT1 securities in March 2020 after Indian authorities intervened in the troubled lender, which was subsequently rescued by a consortium led by State Bank of India. Since then, the bank has undergone a significant turnaround, including Sumitomo Mitsui Financial Group’s banking unit acquiring an approximately 25% stake in 2025 to become its largest shareholder. Yes Bank has also benefited from several ratings upgrades on its domestic debt. Crisil Ratings raised the bank’s rupee infrastructure bonds and Basel III-compliant Tier 2 debt to AA+ in August, citing sustained improvements in its earnings profile. Its proposed dollar debt carries a Ba1 rating from Moody’s Ratings and BB+ from S&P Global Ratings, both just below investment grade. The planned bond sale signals Yes Bank’s renewed access to global debt markets amid stronger investor confidence.
Yes Bank Taps Dollar Debt Market Amid Strong Indian Bank Fundraising
