off-the-wire

India New Issue-SBI sets 8.25% coupon on perpetual bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, March 8 (Reuters) - State Bank of India has set a coupon of 8.25% on its Basel III-compliant additional Tier-1 perpetual bonds, three merchant bankers said on Wednesday. The state-run lender has accepted bids worth 37.17 billion rupees ($452.69 million) on this issue, for which it had invited bids from investors and bankers earlier in the day.


The notes are rated AA+ by Crisil and Care, and the issue will be settled on Thursday. Bonds also carry a call option at the end of the 10th year. The issue had a base size of 20 billion rupees and a greenshoe option to retain an oversubscription of up to 34.56 billion rupees.


In February, SBI raised 45.44 billion rupees through perpetual bonds at a coupon of 8.20%. ($1 = 82.1100 Indian rupees) (Reporting by Bhakti Tambe and Dharamraj Dhutia)

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