http://www.financialexpress.com/news/sbis-usd-1-bn-international-bond-issue-opens/979377/0
State Bank of India today launched an international five-year bond sale programme to raise at least USD one billion.
A benchmark bond issue typically aims to raise more than USD 500 million.
The issue's investment bankers include Bank of America Merrill Lynch, Barclays Capital, Citigroup, Deutsche Bank, JP Morgan and UBS. SBI launched a marketing campaign for its benchmark bond issue on July 16 in Hong Kong, Singapore, London, New York, Los Angeles, Boston, Frankfurt and Zurich.
The bank has a board mandate to raise USD 10 billion from overseas markets over the next few years, and it has a headroom to raise nearly USD 7 billion more since it has raised USD 4 billion.
The senior notes offering, which has been rated as 'BBB-' by Standard & Poor's, is a dollar-denominated issue. Giving the 'BBB-' rating on the SBI bond sale, S&P had earlier said this reflects the long-term counterparty credit rating on the bank.
SBI's move to raise overseas funds comes in the wake of the recent RBI steps to stem the falling rupee value measures to encourage foreign debt inflows.
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