 "SBI raises $500 mn in 3-year dollar debt")
State Bank of India has raised $500 million in bonds under its medium term note programme at a fine rate of three months libor plus 95 basis points, or roughly 2.1%, sources said.
The pricing is at par with bonds issue by top institutions of many developed countries, despite the bank being limited by its sovereign rating of BBB- in international markets. Sources say the bonds mature in three years. The Reg S bonds were oversubscribed more than three times by investors all across the globe. The bookrunner and lead manager for the issuance was Standard Chartered.
The bonds are part of State Bank’s $10 billion medium term note programme.
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