SBI raises ₹4,000 crore Tier 2 bonds
The Hindu
Mumbai
State Bank of India (SBI) said it had raised ₹4,000 crore Basel III compliant Tier 2 bonds on Wednesday at a coupon rate of 7.57%.
“The issue attracted an overwhelming response from investors with bids of ₹9,647 crore and was oversubscribed by about 5 times against the base issue size of ₹2,000 crore. This is an indicator of the trust the investors place in the country’s largest bank,” SBI said in a statement.
Based on the response, the bank said it decided to accept ₹4,000 crore at a coupon rate of 7.57% payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates, thereafter.
“This represents a spread of 14 bps over 10-year Gsec. The 10-year SDL cut-off was 7.69% annualised on September 20, 2022,” the lender said.
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