SBI to raise $500 million through dollar bonds

21 Apr 2023 , 09:46 AM

State Bank of India will raise $500 million through a global bond issue, the timing of which has not been decided, as per the reports of Economic Times. 

European, Japanese and American banks are expected to be picked as fundraisers for the issue.

‘SBI has made primary enquiries with foreign banks to raise around $500 million through the issuance of US dollar-denominated bonds under Reg S/144 A,’ said a direct source. ‘This move comes as the bank looks to raise funds and keep a close eye on the upcoming FOMC (Federal Open Market Committee) meeting scheduled for the first week of May.’

The bank has bonds worth $600 million maturing in September 2023 and bonds worth $800 million maturing in early 2024. SBI raised a syndicated social loan of $1 billion in February, marking the first time that SBI raised such debt.