The bonds will be listed on the London Stock Exchange International Securities Market, the Singapore Exchange Securities Trading, and the India International Exchange IFSC, the agency indicated adding that the rating outlook is stable.

Last week, Exim Bank India had priced its 10-year dollar bonds at a tight spread of 125 basis points over the 10-year US Treasury yield to raise a billion dollars.

The overseas bond market might see several issuances from Indian banks in 2018, as more than $6 billion of foreign currency bank bonds come up for maturity during the year, and these will likely be refinanced through fresh issuances, say bankers. Bloomberg data shows that of the total bonds coming up for redemption in the year, those worth about $5.35 billion are all large size issues by banks. Of these, bonds issued by ICICI Bank, Indian Overseas Bank, HDFC Bank and IDBI Bank worth $2.5 billion will mature in the first quarter of the calendar.