State Bank of India has successfully raised $200 million through a bond tap in an existing outstanding issue due in July 2029. According to reports from The Economic Times, the bonds carry a 3-year maturity and feature a coupon of 100 basis points above the secured overnight funding rate (SOFR). The bonds will be issued through SBI's London branch on July 17 and will be listed in Gift City.
This latest funding follows SBI's recent overseas debt market tap in late last month, where the bank raised $300 million through a three-year senior unsecured floating-rate bond issue. As reported by The Economic Times, the central bank had introduced measures to lower the cost of foreign-currency borrowings, which facilitated this additional overseas funding activity.
The successful bond tap demonstrates SBI's continued access to international capital markets despite current market conditions. According to The Economic Times, the bank's ability to tap existing issues while maintaining competitive pricing reflects strong investor confidence in SBI's credit profile and the attractive yield spread offered on the floating-rate bonds.
