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After record issuances in FY25, infrastructure bonds lose their sheen
Subrata Panda Mumbai
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Infrastructure bonds, which were the flavour of the season in FY25 for commercial banks to raise funds through the domestic debt capital market amid lagging deposit growth, seem to have lost their sheen in the current financial year (FY26). So far in FY26, no bank has tapped the domestic debt capital market to raise funds via infrastructure bonds, and the expectation is that the amount raised through this route will be significantly lower than last year, unless credit demand picks up.
According to data from rating agency ICRA, banks—state-owned and private-sector lenders—raised Rs 94,490 crore through infrastructure bonds in FY25.
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