Why has SBI raised $600 million from the global markets?
Answer
Answer
State Bank of India or SBI has concluded the issuance of $600 million of international bonds to finance the expansion of its relatively well spread out overseas business. SBI has raised funds via senior unsecured fixed rate notes with a maturity of 5.50 years and a coupon rate of 1.80% payable semi-annually. This is an extremely competitive rate for bonds.
SBI has clarified that the above bonds will be issued through the London branch of State Bank of India dated 13 Jan 2021. In terms of listing the bonds, SBI has confirmed that the bonds will be listed and actively traded on the Singapore Stock Exchange or the SGX as well as the India International Exchange at the GIFT City in Gandhinagar in Gujarat.