State Bank of India (SBI) on Thursday said it has concluded the issue of $600 million in Senior Unsecured Fixed Rate Notes (‘Regulation S’ bonds) having maturity of five-and-a-half years at a coupon rate of 1.80 per cent.

“The bonds will be issued through our London branch as of January 13, 2021 and will be listed on the Singapore Stock Exchange and the lndia lnternational Exchange, GIFT City,” India’s largest bank said in a regulatory filing.

The bond issuance, which saw a final order book in excess of $1.9 billion, is benchmarked against the five-year US Treasury, and priced at a spread of 140 basis points over the benchmark, the bank said in a statement. One basis point is equal to one hundredth of a percentage point.

According to the statement, the price guidance was revised from T+175 bps area to T+140 bps on the back of strong demand, with a peak order book of $2.1 billion.

C. Venkat Nageswar, Deputy Managing Director – International Banking Group, SBI, said, the bond issuance is an indication of the confidence global investors have in the Indian banking sector in general, and in SBI in particular.