SBI raises $600 million from overseas bond sale
Jan 7, 2021, 14:50 IST
Mumbai, Lending major State Bank of India has raised $600 million of "Regulation S" bonds at a coupon rate of 1.80%.
Accordingly, the bank, acting through its London Branch, raised the sum for bonds benchmarked against the 5 year US Treasury and priced at a spread of 140 bps over the benchmark.
"The bonds will be listed on SGX-ST and India INX. The issuance represented SBI's return to the international public bond markets after a gap of close to 2 years," the statement said.
"The transaction was well received and saw strong interest from investors across geographies with a final order book in excess of $1.9 billion."
As per the bank, on the back of strong demand, the price guidance was revised from "T+175 bps area to T+140 bps", with a peak orderbook of $2.1 billion resulting in final pricing at the tight end of the range.
"The Notes are expected to carry a final rating of Baa3, BBB- and BBB- from Moody's, Standard and Poor's and Fitch respectively," the statement said.
"BofA Securities, Citigroup, HSBC, J.P. Morgan, MUFG, SBICAP and Standard Chartered Bank were the Joint Bookrunners for this offering."
SEE ALSO:
FarEye is the latest to buy back shares from employees — to liquidate ESOPs worth over ₹5 crore
From Boris Johnson to Narendra Modi and Jacinda Ardern — here's how world leaders reacted to the Capitol Hill chaos
From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here
Petrol price is now past ₹84 in Delhi, over 62% of it is taxes
Advertisement
Accordingly, the bank, acting through its London Branch, raised the sum for bonds benchmarked against the 5 year US Treasury and priced at a spread of 140 bps over the benchmark.
"The bonds will be listed on SGX-ST and India INX. The issuance represented SBI's return to the international public bond markets after a gap of close to 2 years," the statement said.
"The transaction was well received and saw strong interest from investors across geographies with a final order book in excess of $1.9 billion."
As per the bank, on the back of strong demand, the price guidance was revised from "T+175 bps area to T+140 bps", with a peak orderbook of $2.1 billion resulting in final pricing at the tight end of the range.
Advertisement
"BofA Securities, Citigroup, HSBC, J.P. Morgan, MUFG, SBICAP and Standard Chartered Bank were the Joint Bookrunners for this offering."
SEE ALSO:
FarEye is the latest to buy back shares from employees — to liquidate ESOPs worth over ₹5 crore
From Boris Johnson to Narendra Modi and Jacinda Ardern — here's how world leaders reacted to the Capitol Hill chaos
From Scrambler and Multistrada to Monster and SuperSport — Ducati is launching 12 new bikes in India, check the launch dates here
Petrol price is now past ₹84 in Delhi, over 62% of it is taxes