SBI Successfully Raises $600 Mn Through 5-Year Dollar Bond Sale
On Wednesday, the State Bank of India (SBI) successfully raised USD 600 million by issuing five-year US dollar-denominated bonds at a coupon rate of 5.1 per cent. Conducted by the London branch of SBI, the bond sale received robust demand, with global investors submitting bids totaling USD 3.5 billion.
Large, high-quality, long-only asset managers from Asia and Europe, Middle East, and Africa (EMEA) actively participated in the bond sale. The issuance was priced at a spread of 150 basis points over the five-year US Treasury yield, according to sources.
Bank of America, BNP Paribas, HSBC, JP Morgan, MUFG and Standard Chartered Bank served as joint lead managers for the bond offering. The proceeds from this issuance will be utilised for general corporate purposes and to meet the funding requirements of SBI's foreign offices and branches.
This marks SBI's second foray into the dollar bond market in less than a month. In late December, the bank had successfully raised USD 250 million through the issuance of green bonds.
