SBI raises $500 mn in 3-year dollar debt

The Reg S bond programme has been sold through its London branch and is priced at Libor plus 95 bps

State Bank of India has raised $500 million in bonds under its medium term note programme at a fine rate of three months libor plus 95 basis points, or roughly 2.1%, sources said.

The pricing is at par with bonds issue by top institutions of many developed countries, despite the bank being limited by its sovereign rating of BBB- in international markets. Sources say the bonds mature in three years. The Reg S bonds were oversubscribed more than three times by investors all across the globe. The bookrunner and lead manager for the issuance was Standard Chartered.

The bonds are part of