MUMBAI: London-headquartered HSBC in January-September 2026 was the leading international bank in facilitating fundraising by Indian companies through bonds issued in major international currencies, syndicated loans, and initial public offerings (IPOs), according to Hitendra Dave, chief executive officer (CEO) of the lender’s India unit.
This has been done by leveraging the bank’s corporate and institutional relations and its ability to connect borrowers with pools of capital seeking to invest in debt and equity opportunities in India.
The bank moved up from third place in G3 bonds (bonds issued in euros, dollars, or the yen) last year, retained its lead in syndicated loans for a third consecutive year, and ranked second among international investment banks for primary equity fundraising through IPOs and qualified institutional placements (QIPs) since January 2025. In IPOs alone (year-to-date), it is the leading international bank to facilitate primary fundraise.
“Our financing business spans three markets: Loans, bonds and equity, including IPOs and QIPs… (We have done) financing for companies making overseas acquisitions, funding capex, refinancing or retiring rupee loans, and meeting other funding needs. We also hold the largest market share in G3 bonds, based on volumes raised by local banks. In equity, we are number one in IPOs and number two in QIPs,” Dave told Business Standard.
HSBC was also among the leading banks in mobilising deposits under the Foreign Currency Non-Resident (Bank) scheme, raising $14.5 billion between June and August. It ranked second to ICICI Bank, which rang up nearly $18 billion. Banks collectively raised nearly $133 billion under this facility. Dave attributed HSBC’s mobilisation to its strong non-resident Indian (NRI) franchise and presence across global markets.
“I don’t want HSBC to be strong only in financing. We want to build the business in a way that puts us ahead of the competition. In areas such as wealth, local banks are doing better than us. But our ambition is to be number one or number two in every segment we operate in, and at least in the top three where that isn’t possible,” Dave said.
HSBC’s debt-market performance was reflected in its transaction mandates. According to the Bloomberg data, the bank topped India’s G3 bond-league table in January-September 2026, moving up from third place last year. It also ranked as the leading bookrunner for syndicated loans originating in India for a third consecutive year, with a 21 per cent share in volumes, according to Dealogic.
In the G3 bond market, HSBC worked on a $1 billion dual-tranche offer by Export-Import Bank of India, a $750 million bond sale by the National Bank for Financing Infrastructure and Development (NaBFID), and a $1 billion issue by ICICI Bank. Its other mandates included a $700 million offer by Bank of Baroda and a $600 million bond sale by renewable energy company ReNew Power.
India’s G3 bond issuance reached $21.8 billion by late September. This is nearly four times the $5.54 billion raised in all of 2025 and is approaching the previous annual record of about $22.4 billion.
In syndicated lending, HSBC solely arranged $100 million rupee-denominated acquisition financing for Waaree RTL, following the Reserve Bank of India’s liberalisation of onshore acquisition-financing regulations. Other mandates included a $125 million debut syndicated loan for RateGain to support a cross-border strategic acquisition and an $85 million, seven-year syndicated term loan for Piramal Pharma to finance cross-border capital expenditure, with repayments aligned to projected cash flows.
The bank also arranged $1 billion in financing for A. V. Minerals (Novelis) for its cross-border funding and secured mandates for $450 million across three transactions for Bank of Maharashtra.
HSBC attributed its position in syndicated lending to its first-mover advantage in novel financing structures and its status as a preferred lender for large Indian companies undertaking acquisitions.
In equity capital, HSBC completed six IPOs worth about $5 billion in January-September 2026 and led four of the five largest ones during the period, accounting for 84 per cent of their combined deal value, according to the bank. It was present in the three largest IPOs identified by HSBC: Jio Platforms’ $4 billion (which is coming), the National Stock Exchange’s $2.4 billion, and SBI Funds Management’s $1.3 billion.
HSBC said it was leading eight of the 12 largest forthcoming IPOs, including those of Avaada Electro, Zetwerk and AGS Eye, apart from the one of Jio Platforms.
Additionally, the bank facilitated fundraising by Indian companies through QIPs, including State Bank of India’s $2.9 billion, JSW Infrastructure’s $794 million, and Biocon’s $460 million.
Source: Business Standard
