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The bonds are benchmarked against 5-year US treasury bonds and priced at a spread of 145 basis points (bps) over the benchmark, the bank said in a release. This is the largest US dollar 5-year Reg S bond issuance by an Asian issuer in 2023.
State Bank of India Thursday said it has raised $750 million through 5-year Regulation S (Reg S) bonds at a coupon of 4.875 per cent.
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The bonds are benchmarked against 5-year US treasury bonds and priced at a spread of 145 basis points (bps) over the benchmark, the bank said in a release. This is the largest US dollar 5-year Reg S bond issuance by an Asian issuer in 2023.
“The successful issue highlights SBI’s strong investor base in offshore capital markets, which enables it to effectively raise funds from the world’s leading fixed income investors, especially during moments of increased volatility and uncertainty,” said SBI Chairman Dinesh Khara.
The issuance received strong interest from investors across geographies with a final order book in excess of $2.9 billion across 181 accounts. On the back of strong demand, the order book peaked at $5.4 billion, making room for the guidance to be revised from T+185 area to T+145.
The bonds were issued under SBI’s MTN (medium-term note) programme and will be listed on Singapore SGX and the India INX, Gift City, SBI said.
© The Indian Express (P) Ltd
First published on: 27-04-2023 at 22:42 IST
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