State Bank of India (SBI) is returning to the public dollar bond market for the first time in nearly a year. The lender plans to raise approximately $500 million through a five-year bond issue.
Peak investor orders for the offering exceeded $2 billion. This demand allowed India’s largest lender to tighten pricing guidance by 32 basis points.
The final pricing reached 88 basis points over the five-year U.S. Treasury, falling from an initial 120 basis points. SBI will issue the bonds through its London branch to fund general corporate purposes and overseas operations.