State Bank of India taps dollar bond market with five-year issue, sources say
State Bank of India taps dollar bond market with five-year issue, sources say By Dharamraj Dhutia
MUMBAI, Aug 11 (Reuters) - State Bank of India SBI.NS, the largest lender in the country, is tapping the dollar debt market through the public issue and plans to raise funds through a sale of five-year bonds, two merchant bankers said on Tuesday.
SBI is likely to raise at least $500 million through the issue, with the final size dependent on investor demand. The initial price guidance has been set at 120 basis points over U.S. Treasuries.
The lender has begun marketing the bonds and is expected to complete the sale before the end of the week, the bankers said, requesting anonymity as they are not authorised to speak to media.
SBI had planned to raise $1 billion through a dollar bond sale in June but deferred the issuance after borrowing costs rose due to heavy supply from Indian lenders.
The lender did not immediately reply to a Reuters email seeking comment outside business hours.
(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
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