State Bank of India Secures USD 100 Million to Fuel Business

State Bank of India (SBI) announced on Friday the successful issuance of USD 100 million in bonds. The funds, raised through senior unsecured floating rate notes, will support business growth. These bonds will be issued through SBI's London branch on June 20, 2024.

In a significant financial move, the State Bank of India (SBI) has successfully secured USD 100 million through bond issuance. This strategic funding aims to bolster the bank's business growth.

The funds were raised via senior unsecured floating rate notes, with a maturity of three years and a coupon rate pegged at the secured overnight financing rate plus 95 basis points annually, payable quarterly in arrears, as per Regulation-S guidelines, according to the bank's regulatory filing.

SBI confirmed that these bonds will be issued through its London branch starting June 20, 2024.

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