Overseas bond issuances by Indian companies and banks more than halved to $2.60 billion in 2016-17, compared with $5.72 billion in the year before, data from Bloomberg showed. ICICI Bank, Glenmark, Adani Ports and NTPC were among the borrowers. Overall sluggish demand for funds, comparatively lower cost of borrowing in India and higher hedging costs were a dampener and kept Indian companies away from the foreign markets. Industry experts expect the trend to continue in the current fiscal as well.“Because of the lower cost of borrowing in the onshore market, corporate borrowers were seen in the local market.