State Bank of India has raised $500 million through the issuance of dollar bonds maturing in five years at a coupon of 5.125%, the bank said in a press release.
The state-owned bank raised funds through its London branch, which are benchmarked against the 5-year US Treasury and are priced at a spread of 82 basis points.
Issued under Regulation-S, the bonds will be listed on the Singapore Stock Exchange and the India International Exchange at GIFT City.
"The transaction received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of USD 1.70 billion across 125 accounts," the press release said.
Moody's and Fitch Ratings have assigned Baa3 and BBB- ratings on these notes.
BNP Paribas, DBS, HSBC, JP Morgan, MUFG and Standard Chartered Bank were the lead managers to this issue.
This is SBI's third dollar bond issuance in 2024. In June, it borrowed $100 million through floating rate bonds maturing in three years at SOFR + 95 basis points.
In January, the bank raised $600 million in five-year bonds at a coupon of 5.1% coupon.
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