News Summary

• State-owned Indian Railway Finance Corporation is planning to mobilise $2 billion through external commercial borrowing, primarily in Japanese yen.
• The ECB, being raised for JPY equivalent $1.1 billion, has been tied up for a 5-year tenor and benchmarked to Overnight TONAR (Tokyo Overnight Average Rate) This is the first ECB being raised by IRFC during FY27 after it had raised Japanese yen equivalent $700 million across two ECB transactions in FY26.