SBI raising USD 300mn through medium Term bonds; S&P and Fitch assigned BBB Rating?
Banking & Finance
State Bank of India (SBI) is in the market to raise about $ 300 million through medium-term notes to garner resources for lending international customers.The fundraising round by India’s largest bank comes after it mopped up $1 billion last week. The new issue is likely to be concluded on Thursday and it has a green shoe option to raise extra amounts based on market conditions and pricing trends, said market sources. SBI is raising the money to meet the requirements of customers of its global business, said a bank executive
The S&P Global Ratings assigned its ‘BBB-‘ long-term issue rating to the proposed dollar-denominated bonds to be issued by the London branch of SBI.
Fitch Rating has given an expected rating of ‘BBB-(EXP)’ to these senior unsecured notes.
The new issues has a green shoe option to raise extra amounts based on market conditions and pricing trends
About SBI (State Bank Of India):
Chairperson: Dinesh Kumar Khara
Founded: 1 July 1955, Headquarters: Mumbai
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