State Bank of India (SBI) has reportedly 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%. The bonds are part of the Bank’s $10 billion medium term note programme.
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. 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.
SBI offers a wide range of services in the Personal Banking, Agriculture/Rural, NRI services, SME and Corporate Banking etc. The Bank reported 70.88% jump in its consolidated net profit at Rs 2152.23 crore for the quarter ended December 31, 2016, as compared to Rs 1259.49 crore for the same quarter in the previous year.