Kochi: Muthoot Finance, India’s largest gold loan non-banking financial company (NBFC), has successfully raised USD 600 million from the international bond market through an External Commercial Borrowing (ECB) issuance. The proceeds will be deployed to expand lending operations and improve credit access for customers across India.
The offering attracted strong global interest, with 49% of subscriptions from US investors, 36% from Asia, and 15% from the EMEA region. By investor type, fund and asset managers accounted for 91% of the subscriptions, while private banks and insurance companies contributed 4% each, and other investors made up the remaining 1%, reflecting strong institutional confidence.
The ECB carries a coupon of 6.375%, a tenor of 4.5 years, and a weighted average life of four years. The notes have been rated BB by S&P and Ba1 by Moody’s. This represents the fifth drawdown under Muthoot Finance’s USD 2 billion Global Medium-Term Note (GMTN) Programme since May 2024.
This issuance is particularly significant as it marks the company’s first international bond following recent credit rating upgrades by S&P Global in March 2025 and Moody’s in April 2025.
Deutsche Bank and Standard Chartered jointly managed the transaction, acting as Global Coordinators and Bookrunners.
