Team Blitz India
NEW DELHI: State Bank of India (SBI)is in the market to raise about $ 300 million through medium-term bonds 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 soon 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.
S&P Global Ratings on January 10 assigned BBB- long-term issue rating to benchmark-sized notes that the London branch of SBI proposes to issue. The US dollar-denominated senior unsecured notes will be part of SBI’s $10 billion medium-term note programme.
The ratings reflect SBI’s dominant market position and its strong deposits. India’s robust economic growth supports SBI’s loan growth, asset quality, and profitability, said S&P in a statement.
