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Business News/ Industry / Banking/  State Bank of India (SBI) raises USD 750 million via bonds
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State Bank of India (SBI) raises USD 750 million via bonds

SBI Chairman Dinesh Khara said the successful issue highlights bank's strong investor base in offshore capital markets

SBI has concluded the issue of USD 750 million senior unsecured fixed rate notes having a maturity of 5 years. (Mint)Premium
SBI has concluded the issue of USD 750 million senior unsecured fixed rate notes having a maturity of 5 years. (Mint)

State Bank of India (SBI), the country's biggest lender, has raised USD 750 million through bonds to fund offshore business growth.

SBI has concluded the issue of USD 750 million senior unsecured fixed rate notes having a maturity of 5 years and coupon of 4.875 per cent payable semiannually under Regulation-S, SBI said in a filing.

"The bonds will be issued through our London branch as of May 5, 2023 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City," it said.

The issuance received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of USD 2.9 billion across 181 accounts. On the back of strong demand, the order booked peaked at USD 5.4 billion, making room for the guidance to be revised from T+185 area to T+145. The successful issuance demonstrates the strong investor base SBI has created for itself in offshore capital markets, allowing it to efficiently raise funds from world’s leading fixed income investors, even during periods of heightened volatility.

“The successful issue highlights SBI's strong investor base in offshore capital markets, which enables it to effectively raise funds from the world's leading fixed-income investors, especially during moments of increased volatility and uncertainty. This demonstrates global investors' confidence in the Indian banking sector in general, and in SBI in particular, and it also attests to SBI's unparalleled access to global capital markets," said SBI Chairman Dinesh Khara.

Earlier this month, the bank's board had approved a proposal to raise USD 2 billion (about 16,000 crore) from bonds to fund its global operations.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees

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Published: 28 Apr 2023, 05:36 AM IST
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