Markets

State Bank of India readies US dollar bond return

Reuters SINGAPORE | Updated on January 24, 2018

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State Bank of India, rated Baa3/BBB-/BBB-, is planning a return to the US dollar bond market soon. The lender is likely to mandate six to seven banks on a potential offering next week, sources aware of the situation told IFR.

The offering may hit the market in late June or July, sources added.

The country's largest lender was in the market in April 2014 with a $1.25-billion dual-tranche offering. SBI's five-year bonds were priced at 205bp over Treasuries, the tightest spread over Treasuries that SBI has ever paid. The 10-year was sold at 225bp.

Bank of America Merrill Lynch, BNP Paribas, Barclays, JP Morgan, Standard Chartered, SBI Capital Markets and UBS led the 2014 offering.

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Published on June 04, 2015
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