India New Issue-SBI accepts bids for first perpetual bond issue of 2026, bankers say

State Bank Of India

29/07/2026 07:26

MUMBAI, July 29 (Reuters) - State Bank of India SBI.NS has accepted bids worth 46.91 billion rupees ($490.04 million) for sale of Basel III-compliant additional Tier I perpetual bonds, three bankers said on Wednesday.
The nation's largest lender will pay an annual coupon of 7.75% on this issue and had invited coupon and commitment bids earlier in the day, they said.
The issue will have a call option at the end of five years.
On Friday, Reuters reported SBI's plans to tap the perpetual debt route, which would be the first such issuance in 2026.
SBI did not immediately reply to a Reuters email seeking comment.

 
  Here is the list of deals reported so far on July 29: 
Issuer
Tenure
Coupon (in %)
Issue size (in bln rupees)*
Bidding date
Rating
SBI
perpetual
7.75
46.91
July 29
AA+ (Crisil, Care)
Hero Fincorp
2 years
8.40
3+2
July 30
AA+ (Icra, Crisil)
NIIF Infra Finance August 2031 Reissue
5 years and 1 month
To be decided
5+0.5
July 30
AAA (Icra, Care)
UltraTech Cement
2-year and 6-month
7.22
15
July 31
AAA (Crisil, Care)
UltraTech Cement 
3-year and 6-month
7.23
15
July 31
AAA (Crisil, Care)
UltraTech Cement 
5 years
7.25
20
July 31
AAA (Crisil, Care)
     
*Size includes base plus greenshoe for some issues


($1 = 95.7275 Indian rupees)

 (Reporting by Dharamraj Dhutia and Khushi Malhotra)
 ((Dharamraj.dhutia@tr.com))