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State Bank of India Raises USD 750 Million via Bonds on India INX

In Business
May 29, 2023

State Bank of India, the country’s largest public sector Bank, listed foreign currency bonds of USD 750 million under its USD 10 billion Global Medium Note programme on India INX’s Global Securities Market (GSM), GIFT IFSCs leading primary market platform for raising funds from global investors. The Bond was issued through SBI’s London Branch to fund offshore business growth and was priced competitively. This demonstrates strong investor confidence in the country’s largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year.

Injeti Srinivas, Chairperson, IFSCA, said: “We are delighted that SBI has listed their USD 750 million bonds on India INX, demonstrating GIFT IFSC as a preferred destination for Indian corporates to raise foreign capital. We are also pleased that SBI has taken several other initiatives in GIFT IFSC, including setting up of a Regional Head Office for the South Asian Region, pioneering the issuance of Certificate of Deposits Programme etc.”

Commenting on the listing Dinesh Khara, Chairman, SBI said, “The success of the issue highlights the strong investor base SBI has created for itself in the offshore capital markets. The issuance received huge participation from several marquee accounts across geographies resulting in largest spread compression amongst all USD Indian bond issuances during the current year. The listing of the bond issue on INX Gift City emphasises our vision to make Gift City a hub for all international business opportunities including foreign currency fund-raising programs.”

Commenting on the listing, Sundararaman Ramamurthy, MD and CEO of BSE Ltd. said, “Heartiest congratulations to SBI and we are delighted to list one more drawdown of USD 750 Million notes under the USD 10 Bn GMTN programme of SBI. The aggregate MTNs established on India INX platform since launch in Jan 2018 is worth over USD 72 Bn and listing of bonds aggregate to around USD 52 Bn. Our competitive listing guidelines and seamless processes have made it possible for more and more issuers to list on our platform. SBI and India INX have a strong relationship and we look forward to the continuance of this partnership with SBI in years to come.”