SBI Raises $500M in 5-Year Bond Sale

19 Nov 2024 , 10:54 AM

$500 million in senior unsecured fixed-rate notes having a five-year maturity and a 5.125% coupon that is payable semi-annually were issued by State Bank of India (SBI).

The lender stated in a regulatory statement on Monday that the bonds, which were issued under Regulation-S, will be listed on the Singapore Stock Exchange and the India International Exchange at GIFT City. The settlement is due for November 25.

According to news reports, the issuance, which was carried out through SBI’s London branch, will assist the lender in meeting the liquidity needs for its overseas operations and branches. Additionally, the issuance’s proceeds will be utilised for general business objectives.

The offering’s bookrunners were Standard Chartered, MUFG, HSBC, and BNP Paribas.

This is SBI’s third foreign bond offering for 2024. $100 million in three-year variable rate notes priced at SOFR + 95 basis points were issued by the bank in June after it had raised $600 million in five-year bonds at a 5.1% coupon in January.

For bonds and loans denominated in dollars, the Secured Overnight Financing Rate (SOFR) has emerged as a crucial benchmark.

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