State Bank of India raises $750 million via bonds on India INX

Business Monday 29/May/2023 23:07 PM
State Bank of India raises $750 million via bonds on India INX

New Delhi: The State Bank of India on Monday listed foreign currency bonds of USD 750 million under its $10 billion 'Global Medium Note' programme to fund its overseas business growth.

The funds were raised at India INX's Global Securities Market (GSM), GIFT International Financial Services Centre in Gujarat. India International Exchange (IFSC) Limited (India INX) is the first international exchange at GIFT IFSC Gujarat. 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, it said in a release.

"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 the largest spread compression amongst all USD Indian bond issuances during the current year," said Dinesh Khara, Chairman, of SBI.

"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 programmes."