SBI raises $300 mn via Formosa bonds

Mumbai: The country’s largest lender State Bank of India (SBI) through its London branch raised $300 million of ‘Regulation S’ Formosa bonds at a coupon rate of 2.49 per cent. The bond is benchmarked against the 5-year US treasury and priced at a spread of 100 basis points over the benchmark.

The bonds will be listed on Taipei Exchange, Singapore Exchange Securities Trading and India International Exchange IFSC. Formosas are foreign-currency bonds, raised in Taiwan and generally listed on the Taipei exchange.

SBI said the transaction received an overwhelming response and saw strong interest from investors across geographies.