 "SBI")
State Bank of India priced the country’s biggest offering of local-currency tier-II bonds yet as the lender boosts its capital buffers amid the worsening financial health of domestic companies.
India’s largest bank looks to raise Rs 8,931 crore ($1.19 billion) through 15-year bonds that comply with Basel III capital norms, according to a person familiar with the matter. The notes carry a coupon of 6.8 per cent, the lowest pricing on such debt issued by any lender since the country started implementing the stringent capital norms in 2013, the data compiled by Bloomberg shows.
The lender is selling the bonds at a
