Indian companies are preparing to sell about $3 billion in rupee-denominated debt ahead of the Reserve Bank of India’s monetary policy decision on October 7. At least Rs 290 billion in issuances are lined up.

Reliance Industries, Vedanta, Delhi International Airport, Adani Airport Holdings and JSW Energy account for Rs 185 billion of the pipeline. Cube Highways Trust, Interise Trust and India Infradebt plan another Rs 60 billion.

Companies are rushing to lock in current borrowing costs before the policy review. Akshay Naik, head of debt capital markets at Citibank India, said issuers are acting ahead of a possible rate hike.

Bond markets have been volatile as investors weigh inflation risks against growth. A rate rise would make new borrowing more expensive for companies.

The heavy pipeline shows strong demand for corporate credit in India. Market participants will watch both the RBI decision and how easily the debt gets absorbed.