Bank of India

Ratings assigned

• Fitch assigns LT BBB- to Bank of India's USD1bn MTN programme.
• Fitch also assigns BB(xgs) to the MTN programme.
• S&P Global Ratings assigns BBB long-term rating to the MTN programme; outlook Stable.
• Notes under the programme rank pari passu with BOI's other senior unsecured obligations.
• Proceeds to fund BOI head office, foreign offices, and general corporate purposes.
• Index-linked notes may be issued but not rated if linked to equity or indices.

Rationale & drivers

• Fitch ties MTN rating to BOI's IDR (BBB-), with upgrade/downgrade tied to IDR.
• S&P states MTN rating equals BOI's BBB/Stable IDR; notes rank pari passu.
• New ratings reflect BOI's size, potential state support, and governance considerations.
• ESG: governance concerns due to government-appointed board; state linkage impacts credit.
• Outlook: S&P Stable; Fitch's outlook not disclosed in excerpt.

Material changes / context

• New USD1 billion MTN programme rating assignments as of Sep 28–29, 2026.

Meeting Details

• Date: 30 September 2026; one-to-one virtual investor/analyst meeting.
• Organiser: Marshall Wace Asia.

Participants

• Bank of India executives (management) participated.

Purpose

• Discussion with investor/analyst; information limited to public domain.

Redemption details

• Full redemption of 7.14% BOI Tier II Bonds Series XV (ISIN INE084A08151) for Rs 1,800 crore.
• Redemption via call option; date 30/09/2026; outstanding amount Nil.
• Broken-period interest paid: Rs 64,08,39,453; last interest payment 02/04/2026.

Bond redemption details

• Redemption of Rs 1,800 crore Tier II Bonds Series XV exercised via call option.
• Redemption date and payment: 30 Sep 2026, full redemption, principal plus broken period interest paid.
• ISIN INE084A08151; quantity redeemed: 18,000 NCDs; outstanding amount: Nil.
• Last interest payment date: 02 Apr 2026; broken period interest: Rs 64,08,39,453.

Interest rate updates

• MCLR unchanged from 01.10.2026; RBLR unchanged.
• MCLR rates effective 01.10.2026: Overnight 7.85%, 1M 8.15%, 3M 8.35%, 6M 8.65%, 1Y 8.80%, 3Y 8.90%.
• FRS updated from 01.09.2026: 1Y 8.75%+CRP.
• FRS updated: 2Y 9.00%+CRP.
• FRS updated: 3Y 9.40%+CRP.
• FRS updated: 5Y 9.60%+CRP.
• FRS above 5Y: 8.75%+Tenor Premium+CRP.

EMTN programme establishment

• Bank of India established a USD 1 billion Euro Medium Term Note (EMTN) programme.
• Offering circular filed with NSE IFSC Limited and India International Exchange; available on respective sites.
• Intimation posted on Bank's website per SEBI LODR Regulations, 2015.

Meeting Details

• Date: 28 September 2026; virtual investor/analyst meeting.
• Event: Arihant Bharat Connect Conference: Rising Stars 2026 – September Edition.
• Organizer: Arihant Capital Markets Limited.
• Company participant: Bank of India representative (Investor Relations) attended.
• Purpose: investor/analyst interaction during conference.

Bank of India: Trading Window closed from 01.10.2026 till 48 hours after declaration of the Financial Results for the 2nd quarter and half year ending 30.09.2026

Meeting Details

• Date: 28 September 2026.
• Mode: Virtual group meet.
• Organizer: Arihant Bharat Connect Conference, Rising Stars 2026 – September Edition.
• Participants: Bank's investor relations representatives.
• Purpose: Investor meet for interaction with analysts/investors.
• Presentation: No presentation copy provided.
• Discussion to reference publicly available documents.
• No unpublished price-sensitive information will be shared.

Meeting Details

• Date: 22 September 2026; Time: not specified; Type/Mode: one-to-one virtual meeting.

Participants

• Key company participant: Investor Relations representative (Bank of India).

Purpose

• Purpose: one-to-one investor/analyst meeting with Morgan Stanley.

Additional Notes

• No unpublished price sensitive information was shared in the meeting.