SBI raises $500 million from overseas markets

SBI raises $500 million from overseas markets

 State Bank of India (SBI) has successfully raised $500 million through bonds under its $10 billion Reg-S medium-term note (MTN) programme.

According to a release, the bonds were subscribed over three times with orders being received for over $1.5 billion.

The five-year bond was priced at a spread of 145 basis points over the five-year US Treasury, equivalent to a price of 99.744%, and yield of 3.306% per annum. The offering will be denominated in US dollars, and will bear fixed interest of 3.25% per annum with interest payable semi-annually in arrears. The bonds will mature on January 24, 2022.

The transaction saw strong interest from investors across geographies with an order book in excess of $1.5 billion across 170 accounts.

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