SBI Issues $750 Million Via Bonds At 4.875% To Fund Growth Of Offshore Business

State Bank of India (SBI), country's largest lender, raised $750 million through senior 5-year notes with a coupon rate of 4.875% on thursday.

SBI shares ended the previous trading session marginally down at Rs 566.30 on the BSE, following a three-day gain. The bank's stock has experienced a 7.87% loss since the start of the year but has gained 13.67% over the past year. As of the close of trading on the BSE, the bank had a market cap of Rs 5.04 lakh crore. A turnover of Rs 15.13 crore was generated on the BSE, with a total of 2.68 lakh shares changing hands

"The bonds are benchmarked against 5-year US treasury and priced at a spread of 145 bp over the benchmark. The bonds were issued under SBI's MTN Programme and will be listed on Singapore SGX and the India INX, Gift City," it said.

According to the lender, the offering got a resoundingly positive response and experienced substantial interest from investors globally, with a total order book exceeding $2.9 billion over 181 accounts.

The successful offering, according to SBI Chairman Dinesh Khara, highlights SBI's solid investor base in offshore capital markets, which allows it to raise capital from the world's top fixed-income investors, particularly in times of rising volatility and unpredictability.

Managers and global coordinators for this offering were Citigroup, JP Morgan, HSBC, Emirates NBD Capital, MUFG,and Standard Chartered Bank.