SBI raises $750 mn via bonds on India INX under its $10 bn MTN programme

SBI, the country's largest public sector lender, on Monday raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth.

The fund was raised at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC) at Gandhinagar from global investors.

The bonds were issued through SBI's London Branch to fund offshore business growth and were priced competitively.

This demonstrates strong investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year, it said.

Commenting on the listing, SBI chairman Dinesh Khara said the success of the issue highlights the strong investor base SBI has created for itself in the offshore capital markets.

The issuance received huge participation from several marquee accounts across geographies resulting in the largest spread compression amongst all USD Indian bond issuances during the current year, it said.

The listing of the bond issue on INX Gift City emphasises the vision to make Gift City a hub for all international business opportunities including foreign currency fund-raising programs, he said.