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Dollar bond issuances by Indian corporates stood at $4.1bn in 2023, its lowest since 2018 where it stood at just $3.8bn. There were only six issuances, led by EXIM India’s $1bn deal, followed by SBI, HDFC Bank and REC that raised $750mn each. Besides, Continuum Energy and ReNew Power raised $435mn and $400mn each. Regarding the relatively low issuance volumes, Sameer Gupta, head of India and South East Asia debt capital markets at Deutsche Bank said that the “global interest rate environment was not favorable and the cost of raising dollars hedged into rupees was comparatively higher than (accessing) domestic liquidity, so Indian issuers chose to borrow locally”. Reuters reports that Indian corporates instead relied on foreign currency loans, that are benchmarked to floating interest rates. Total foreign currency loans touched $22.1bn, the highest since 2014. This was led by Reliance Industries, that raised over $8.5bn.