SBI raises $600mn via ‘Regulation S’ bonds

Sarkaritel
By Sarkaritel January 7, 2021 16:24

SBI raises $600mn via ‘Regulation S’ bonds


Mumbai, Jan 7  Lending major State Bank of India has raised $600 million of “Regulation S” bonds at a coupon rate of 1.80 per cent.

Accordingly, the bank, acting through its London Branch, raised the sum for bonds benchmarked against the 5 year US Treasury and priced at a spread of 140 bps over the benchmark.

“The bonds will be listed on SGX-ST and India INX. The issuance represented SBI’s return to the international public bond markets after a gap of close to 2 years,” the statement said.

“The transaction was well received and saw strong interest from investors across geographies with a final order book in excess of $1.9 billion.”

As per the bank, on the back of strong demand, the price guidance was revised from “T+175 bps area to T+140 bps”, with a peak orderbook of $2.1 billion resulting in final pricing at the tight end of the range.

“The Notes are expected to carry a final rating of Baa3, BBB- and BBB- from Moody’s, Standard and Poor’s and Fitch respectively,” the statement said.

“BofA Securities, Citigroup, HSBC, J.P. Morgan, MUFG, SBICAP and Standard Chartered Bank were the Joint Bookrunners for this offering.”

Sarkaritel
By Sarkaritel January 7, 2021 16:24

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