New Delhi, Dec. 4 -- JPMorgan expects Indian companies to raise as much as $14.5 billion next year by issuing overseas bonds, a senior executive at the investment bank said. The majority of this could be used for refinancing existing debt, and some for financing acquisitions.

"A lot of foreign capital was raised in 2021, and given that five years is the typical tenure for external commercial borrowings (ECBs), everything which was raised in that year for five years is maturing in 2026," Anjan Agarwal, India head of debt capital markets, JPMorgan said in an interview. According to the bank's internal research, debt of $9 billion matures in 2026.

Indian companies have raised Rs.32,825.54 crore ($3.8 billion) so far in 2025, against Rs.68,...