SBI raises $500 million in five-year dollar bonds

Mumbai: State Bank of India (SBI) concluded the issuance of $500 million in senior unsecured fixed-rate notes, maturing in five years with a 5.125% coupon payable semi-annually.

Issued under Regulation-S, the bonds will be listed on the Singapore Stock Exchange and the India International Exchange at GIFT City, with settlement scheduled for November 25, the lender said in a regulatory filing on Monday.

The issuance, executed through SBI's London branch, will help the lender to support funding requirements for its international branches and operations, a person said. Proceeds of the issuance will also be used for general corporate purposes.


BNP Paribas, DBS Bank, HSBC, MUFG, and Standard Chartered were bookrunners for the offering.

This marks SBI's third international bond issuance in 2024. In January, the bank raised $600 million in five-year bonds at a 5.1% coupon, followed by $100 million in three-year floating rate notes in June, priced at SOFR + 95 basis points.

The Secured Overnight Financing Rate (SOFR) has become a key benchmark for dollar-denominated loans and bonds.