SBI issues $750-million 5-year bonds at 4.875%

Mumbai: State Bank of India concluded the sale of $750-million worth of senior 5-year notes at a coupon of 4.875% on Thursday, with the sale seeing robust demand from investors.

“The bonds will be issued through our London branch as of 5th May 2023 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City,” SBI said in an exchange filing.

“The successful issue highlights SBI's strong investor base in offshore capital markets, which enables it to effectively raise funds from the world’s leading fixed income investors, especially during moments of increased volatility and uncertainty,” said Dinesh Khara, chairman, SBI.

SBI had mandated six banks — HSBC, Citigroup, JPMorgan, Standard Chartered Bank, MUFG, Emirates NBD — as joint global coordinators and lead managers

“A peak order book of over $5.2 billion allowed SBI to announce a Final Price Guidance of 145 bps over Treasuries, which represents a tightening of 40 bps from the Initial Price Guidance,” Siddharth Sharma, MD, head of financial institutions group, India, HSBC, said.