Bank of Baroda raised $700 million through a public sale of U.S. dollar bonds since June, joining other state-run lenders tapping the dollar market after the Reserve Bank of India introduced a discounted hedging facility that lowers borrowing costs.

Bank of Baroda said it completed issuance of an additional $400 million senior unsecured Reg-S fixed-rate notes as a tap of its existing notes due August 20, 2031, carrying 5.389% yield and 5.318% coupon payable semi-annually with five-year original maturity, to be issued via its IFSC Banking Unit in GIFT City on August 27 and listed on Singapore Stock Exchange, India INX GIFT City and NSE IX.

Bank of Baroda received a Sell rating from Goldman Sachs with a target price of Rs 245, indicating no upside, as part of the brokerage's coverage initiation on 14 Indian banks.

Bank of Baroda is offering 6.50% interest on 3-5 year FCNR (B) US dollar deposits below USD 1 million as of August 17, 2026, following the RBI's June decision for the government to bear hedging costs on such deposits until August 31, 2026.