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State Bank of India (SBI) has mobilised $1.25 billion in a dual tranche overseas bond sale, making it the largest investment grade US dollar-denominated bond transaction out of India since August 2012.
This is also the largest dual-tranche offering by a state-owned bank from India.
In the latest offering, SBI raised $750 million through five-year bonds and $500 million through 10-year bonds.
The total order book of the offering was in excess of $5.9 billion and was oversubscribed 4.72 times with demand from 520 investors, underscoring SBI’s strong credit profile and its position as India’s largest bank.
“We are pleased to see the robust demand for our transaction and the strong perception of our credit by the international investor community. The execution process was swift and ensured a strong momentum to our transaction”, Arundhati Bhattacharya, SBI Chairman, said in a statement soon after the fund-raising exercise was completed.
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