SBI Raises $750 Million In 5 Year Reg S Bonds
State Bank of India announced on Thursday that it had raised $750 million in 5-year Regulation S (Reg S) bonds with a coupon of 4.875 percent.
The bonds are priced at a spread of 145 basis points (bps) over the benchmark and are benchmarked against 5-year US treasury bonds, according to a bank release. This is an Asian issuer's largest US dollar 5-year Reg S bond issuance in 2023.
"The successful issue demonstrates SBI's strong investor base in offshore capital markets, allowing it to effectively raise funds from the world's leading fixed income investors, particularly during times of increased volatility and uncertainty," said SBI Chairman Dinesh Khara.
The issuance drew strong interest from investors worldwide, with a final order book of more than $2.9 billion across 181 accounts. Due to strong demand, the order book peaked at $5.4 billion, allowing the guidance to be revised from T+185 to T+145.
The bonds were issued through SBI's MTN (medium-term note) programme and will be listed on the Singapore SGX and the India INX, according to Gift City, SBI.