The largest lender in India, State Bank of India (SBI), said on January 10 that it has completed the issue of $600 million in senior unsecured fixed rate notes under Regulation-S. The notes have a five-year maturity and a 5% coupon that is payable semi-annually.
In a regulatory filing on January 10, the bank stated, ‘The bonds will be issued through our London branch as of January 17 2024 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City.’
The bank completed the placement of $250 million in senior unsecured green floating rate notes prior to this offering. SBI’s $10 billion medium-term note programme includes this green note issuance, which matures on December 29, 2028. It was carried out through a private placement made possible by its London branch.
According to a statement released by the bank on January 4, the green notes were rated BBB- by S&P and issued on a variable rate basis of 1.20% over SOFR (secured overnight financing rate). They have also been listed on the India International Exchange.
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