HSBC Tops International Banks in Financing India Inc Across Debt and Equity

HSBC, the London-based banking giant, has established itself as the foremost international bank supporting Indian companies in raising capital through a variety of financial instruments during the first nine months of 2026. The bank excelled in facilitating funds via G3 bonds, syndicated loans, and equity offerings including initial public offerings (IPOs) and qualified institutional placements (QIPs).

In a notable rise from its previous position, HSBC climbed to first place in the G3 bond market, having been third last year. The bank also maintained its leadership in syndicated loans for the third year running and secured the second spot among foreign investment banks for equity capital market activities involving IPOs and QIPs since January 2025.

Hitendra Dave, CEO of HSBC India, highlighted the breadth of the bank's financing operations across loans, bonds, and equity. He stated, "From January 1 to September 30, we led syndicated loans with the largest market share. These loans cover a range of purposes such as overseas acquisitions, capital expenditure, refinancing rupee loans, and other funding needs." Dave added that HSBC also commanded the largest share in G3 bond volumes raised locally and ranked first in IPOs and second in QIPs in equity financing.

The bank’s success rests on its deep connections with corporate clients, financial institutions, and banks, alongside its ability to channel capital from investors eager to deploy funds across debt and equity markets. This broad access enables HSBC to meet diverse financing demands effectively.

Beyond corporate financing, HSBC was a key player in mobilising Foreign Currency Non-Resident (Bank) or FCNR(B) deposits under the Reserve Bank of India’s concessional swap window. Between June and August, HSBC raised $14.5 billion in FCNR(B) deposits, second only to ICICI Bank’s $18 billion. Collectively, banks gathered nearly $133 billion through this facility. Dave attributed HSBC’s strong performance in this segment to its robust non-resident Indian (NRI) network and global footprint.

While HSBC aims to lead in financing, Dave emphasized the bank’s ambition to be a top contender across all business lines, including wealth management, where local banks currently hold an edge. "Our goal is to rank first or second in every segment we operate in, and within the top three where absolute leadership is not feasible," he said.

The bank’s prominence in the debt markets is reflected in its transaction mandates. Bloomberg data confirms HSBC’s top ranking in India’s G3 bond league for January through September 2026, surpassing its third-place rank last year. Dealogic figures show HSBC as the leading bookrunner for syndicated loans sourced from India with a 21 percent market share over three years.

HSBC acted as lead on major G3 bond issuances, including a $1 billion dual-tranche deal for the Export-Import Bank of India, a $750 million offering by the National Bank for Financing Infrastructure and Development (NaBFID), and a $1 billion bond sale by ICICI Bank. Other significant bond transactions included $700 million by Bank of Baroda and $600 million by renewable energy company ReNew Power. The total G3 bond issuance in India reached $21.8 billion by late September, nearly quadrupling the $5.54 billion raised in all of 2025 and nearing the previous record of about $22.4 billion.

In syndicated lending, HSBC arranged a $100 million rupee acquisition financing for Waaree RTL on a sole basis, taking advantage of RBI’s relaxed regulations on onshore acquisition financing. Additionally, HSBC led a $125 million debut syndicated loan for RateGain to support cross-border acquisitions and arranged an $85 million, seven-year syndicated term loan for Piramal Pharma aimed at capital expenditure abroad with repayments aligned to expected cash flows.

The bank also secured $1 billion in cross-border financing for A V Minerals (Novelis) and managed $450 million across three transactions for Bank of Maharashtra. HSBC credits its leading position in syndicated loans to its early adoption of innovative financing structures and its reputation as a preferred lender for large Indian corporations engaged in acquisitions.

HSBC’s equity capital market activities included six IPOs totaling approximately $5 billion between January and September 2026. It led four of the five largest IPOs in this period, covering 84 percent of their combined value. Notable IPOs included Jio’s $4 billion offering, the National Stock Exchange’s $2.4 billion issue, and SBI Funds Management’s $1.3 billion debut.

The bank is also positioned to lead eight of the twelve largest upcoming IPOs, such as those for Jio Platforms, Avaada Electro, Zetwerk, and AGS Eye. Beyond IPOs, HSBC facilitated QIPs for major companies, including State Bank of India’s $2.9 billion offering, JSW Infrastructure’s $794 million, and Biocon’s $460 million.

HSBC’s strong presence across debt and equity markets underscores its commitment to serving India Inc’s diverse financing needs in a dynamic economic environment. As Indian companies increasingly tap global capital markets, HSBC’s integrated approach and worldwide reach make it a key partner in supporting their growth ambitions.