State Bank of India taps dollar bond market with five-year issue
SBI is tapping the dollar debt market through the public issue and plans to raise funds through a sale of five-year bonds
State Bank of India, India's largest lender, is venturing into the dollar bond market with a five-year issue, according to two merchant bankers. The bank aims to raise funds amounting to at least $500 million (₹50 crore) through this public offering, although the final size will depend on investor demand. The initially set price guidance for the bonds is 120 basis points higher than US Treasuries.
SBI has commenced marketing the bonds and is anticipated to finalize the sale before the end of the week, the bankers disclosed, maintaining anonymity due to their lack of media authorization. Earlier, SBI had intended to raise $1 billion (₹100 crore) via a dollar bond sale in June; however, the issuance was postponed as borrowing costs escalated due to a surplus of funds from Indian lenders.
The bank did not provide a response to a Reuters email inquiry outside regular business hours. All comments must be in English, written as full sentences, and without abusive or personal language, adhering to the community guidelines.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
