 "SBI, State Bank Of India")
State Bank of India (SBI) is looking to raise Rs 5,000 crore this week in the domestic debt capital through non-convertible, perpetual, subordinated, unsecured Basel III compliant additional tier I (AT-I) bonds, sources said.
The issue size is Rs 2,000 crore, with a green shoe option of Rs 3,000 crore. The bonds have been rated AA+ by domestic rating agency CRISIL and CARE. These AT-I bonds will have a call option on October 24, 2034 -- ten years after its issuance.
SBI is raising this quantum to replace the existing bonds.
AT-1 bonds are perpetual bonds which have certain equity-like characteristics and features. These instruments are used by banks to augment their core equity capital.
In September, SBI had raised Rs 7,500 crore in tier-II bonds.
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