State Bank of India to raise $1 billion through bond sale

State of Bank of India will raise $1 billion by selling overseas bonds. The sale will take place in two tranches. The bank will raise about $ 700 million through five- year bonds and $300 million through three-year bonds. Initially, the range of five year bonds was fixed at 210 basis points above the US Treasury however it has now come down to 185 basis points above the US Treasury. For three-year bonds the range was negotiated at 190 basis points above the US Treasury, but it has come down to 157 basis points.