State Bank of India (SBI) hits global bond market to raise $1 billion.
Countries largest lender State Bank of India (SBI) on April 11, 2013 hit the global bond market to raise about $1 billion (Rs 5,430 crore) in a five-year dollar bond sale programme.
The State Bank today hit the overseas bond market with a benchmark issue ($500 million or above). The initial pricing of the fixed rate, five-year senior unsecured bond is fixed at US treasury plus 275 basis points.
SBI chairman Pratip Chaudhuri confirmed the sale programme and said they should be able to close the issue by late tonight. However, Chaudhuri did not put a size to the issue.
The bonds are being offloaded through SBI’s London branch and will be listed on Singapore Stock Exchange.