Named coupons run out to 2035
In its 3 October report, Business Upturn writes that Bank of India filed a half-yearly statement of outstanding bonds with the National Stock Exchange of India. The statement is as of 30 September and puts the total at 31,190 crore rupees. The filing follows the 15 October 2025 circular from the securities regulator SEBI. It covers eight bonds the bank issued as Tier I, Tier II and long-term infrastructure debt. Every listed bond carries a stable credit rating. Most are rated AA+/Stable by Crisil, Acuite, Care and India Ratings, and some are rated AAA/Stable by Acuite.[1]
Business Upturn gives these terms for the three named bonds. The bond ISIN INE084A08169 was issued on 2 December 2022 and matures on 2 December 2027. Its annual coupon is 8.57 percent, and the issued and outstanding amount is 1,500 crore rupees. The bond ISIN INE084A08177 carries a coupon of 7.88 percent, was issued on 15 September 2023, has maturity options extending to 15 September 2033, and has 2,000 crore rupees outstanding. The bond ISIN INE084A08235 was issued on 26 December 2025, carries a coupon of 7.23 percent, matures on 26 December 2035, and has 10,000 crore rupees issued and outstanding.[1]
Each bond the report mentions pays interest annually. Certain bonds have no embedded call option, so the issuer cannot redeem them early and the investor receives the annual interest. The coupon is the funding-cost channel on that named slice. A fixed annual coupon could hold the slice’s funding cost through the stated maturity when that bond has no call. An unnamed slice could still be redeemable early, however, and the named coupons would leave the whole stock’s funding cost undescribed.[1]
The 2027 share stays unread
The report names three of the eight bonds. It does not give outstanding amounts, coupons or maturities for the other five. It does not split the 31,190 crore rupee total into Tier I, Tier II and infrastructure balances, and it does not say which bonds were issued or repaid during the half year. That omission is a constraint. Before the five unnamed bonds are known, the share of the 31,190 crore rupees maturing in 2027 cannot be read.[1]
I read the 31,190 crore rupee outstanding bond stock as dated wholesale debt beside deposits. The named coupons of 8.57 percent, 7.88 percent and 7.23 percent are contracted annual costs on the slices that carry them. Deposits could leave a bank when a customer pays someone elsewhere. These named bonds instead run to 2 December 2027, 15 September 2033 and 26 December 2035. Investors and analysts use the statement to watch capital structure and credit exposure. What they cannot weigh, until the five unnamed bonds are known, is how much of the 31,190 crore rupees comes due at the nearest of those dates.[1]