HSBC leads international banks in financing India Inc across debt, equity

London-headquartered HSBC emerged as the leading international bank facilitating fundraising by Indian companies through G3 bonds, syndicated loans and initial public offerings (IPOs) in January-September 2026, leveraging its extensive corporate and institutional relationships and its ability to connect borrowers with pools of capital seeking investment opportunities across debt and equity markets.

The bank moved up from third place in G3 bonds last year, retained its lead in syndicated loans for the third consecutive year and ranked second among international investment banks for primary equity fundraising through IPOs and qualified institutional placements (QIPs) since January 2025.

“Our financing business spans three markets: loans, bonds and equity, including IPOs and QIPs. From January 1 to September 30, we were number one in syndicated loans, with the largest market share. This includes 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 total volume raised by banks locally. In equity, we are number one in IPOs and number two in QIPs,” Hitendra Dave, chief executive officer of HSBC India, told Business Standard.

Dave attributed the bank’s strength in financing to its access to corporates and institutions, including banks, and its ability to identify pools of capital seeking investment opportunities across bonds, loans and equities.

HSBC was also among the leading banks in mobilising FCNR(B) deposits under the Reserve Bank of India’s (RBI’s) concessional swap window, raising $14.5 billion between June and August. It ranked second to ICICI Bank, which mobilised nearly $18 billion. Banks collectively raised nearly $133 billion in FCNR(B) deposits under the 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 far 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 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 the third consecutive year, with a 21 per cent share of total volumes, according to Dealogic.

In the G3 bond market, HSBC worked on a $1 billion dual-tranche offering 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 offering 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, nearly four times the $5.54 billion raised in all of 2025 and approaching the previous annual record of about $22.4 billion.

In syndicated lending, HSBC arranged a $100 million rupee-denominated acquisition financing for Waaree RTL on a sole basis, following the RBI’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) to meet cross-border funding requirements 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 corporates undertaking acquisitions.

In equity capital markets, HSBC completed six IPOs worth about $5 billion in January-September 2026 and led four of the five largest offerings 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’s $4 billion offering, the National Stock Exchange’s $2.4 billion offering and SBI Funds Management’s $1.3 billion offering.

HSBC said it was leading eight of the 12 largest forthcoming IPOs, including those of Jio Platforms, Avaada Electro, Zetwerk and AGS Eye.

Additionally, the bank facilitated fundraising by Indian companies through QIPs, including State Bank of India’s $2.9 billion offering, JSW Infrastructure’s $794 million offering and Biocon’s $460 million QIP.