State Bank of India (SBI), the country’s largest bank, on Thursday raised $600 million through bonds issued to international investors at a coupon of 1.8%, which is the lowest pricing for such an issue.
State Bank of India (SBI), the country’s largest bank, on Thursday raised $600 million through bonds issued to international investors at a coupon of 1.8%, which is the lowest pricing for such an issue. The bank said that on the back of strong demand, the price guidance was revised from T+175 basis points to T+140 basis points. The issuance of bonds will happen through SBI’s London branch. The bonds will also be listed on Singapore Exchange and India International exchange at Gujarat International Finance Tec City (GIFT). “SBI has concluded the issue of $600 mio senior unsecured fixed rate notes having maturity of 5.5 years and coupon of 1.8% payable semi-annually under regulation S,” SBI said in a stock exchange filing. Regulation S provides an SEC (Securities Exchange Commission) compliant way for non-US companies to raise capital. Read more…..
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