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SBI Raises $500 mn From Overseas Bond Sale, Prices At 3.3%

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State Bank of India raised USD 500 million through an international bond sale of five- year bonds at coupon of 3.306 per cent per annum and getting oversubscribed three times, reported PTI.

"The pricing offers a spread of 145 bps over the five-year US treasury, which is equivalent to a price of 99.744 per cent yielding 3.306 per cent per annum," SBI said in a note late evening after successfully closing the issue through its London branch.

The order book came in at USD 1.5 billion for an offer of USD 500 million, SBI said, adding the issue has been rated at investment grade by all the three big rating agencies. The offering which will be listed on the Singapore Stock Exchange, will be denominated in US dollars, and will bear fixed interest of 3.25 per cent per annum with interest payable semi-annually in arrears.

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