State Bank of India (SBI) has raised $500 million via five-year bonds from international investors through its London branch at a very fine pricing, with the state-owned lender receiving as much as $3 billion in bids for the debt sale, said sources aware of the development. The bonds have been priced 82 basis points (bps) above the US Treasury, sources said. The initial pricing guidance for the issuance was 115 bps over the US Treasury but the state-owned lender managed to compress the pricing and the final pricing guidance came in at T* 82 bps, managing a compression of 33 bps. One basis point is one-hundredth of a percentage point. The spread at which SBI has raised funds is one ofthe tightest spreads witnessed by an Indian financial institution, according to sources. The order S tate Bank of India (SBI) has raised book for the issuance was close to $3 billion, indicating good demand from global interest.
This story is from the November 19, 2024 edition of Business Standard.
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This story is from the November 19, 2024 edition of Business Standard.
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