State Bank of India (SBI) on Tuesday announced the listing of its Regulation S bonds worth $500 million at NSE-IX in GIFT City, Gujarat.
The bond issue, with a coupon rate of 4.50 per cent, was concluded on September 2. SBI had then stated that the Regulation S bond will be issued through the bank’s London branch on September 9 and be listed on the Singapore stock exchange and NSE-IX exchange in GIFT City. The bond is priced at a spread of 75 bps over the benchmark and is listing on SGX-ST and NSE-IX. The notes carry rating of BBB and BBB- from S&P and Fitch, respectively, said SBI in a release.
Rama Mohan Rao Amara, Managing Director (IB, GM & T), SBI, stated: “The successful issuance of $500 million is a testament to the strong appetite for bonds of SBI, and reflects the confidence of the global investors in India’s growth story in general and credit quality of the Bank in particular. The listing at NSE-IX enhances market visibility while reinforcing SBI’s commitment to support the vision of strengthening the GIFT City ecosystem as an evolving international financial hub.”
Citigroup, HSBC, JP Morgan, MUFG, SMBC Nikko and Standard Chartered Bank were the Joint Bookrunners for this offering, the release added.