MUMBAI, April 25 (Reuters) - State Bank of India (SBI) is looking to raise funds through dollar-denominated
bonds maturing in five years, three merchant bankers said on
Tuesday.
SBI, acting through its London branch, has mandated
Citigroup, Emirates NBD Capital, HSBC, J.P. Morgan, Mitsubishi
UFJ Financial Group, and Standard Chartered Bank as joint lead
managers to arrange a series of fixed income investor calls in
Asia and Europe later in the day.
India's largest lender is planning to issue
dollar-denominated benchmark-sized Regulation S offering of
senior unsecured notes under its Medium Term Note Programme,
according to a mandate announcement by the bank.
The issue size will be decided based on the feedback
received from the investors, one of the bankers said.
S&P Global Ratings and Fitch Ratings have assigned a BBB-
rating to the lender's proposed dollar bonds.
Last week, the board of SBI approved raising $2 billion
through foreign currency bonds in 2023/24 via senior unsecured
notes in single or multiple tranches.
State Bank of India is yet to make an official announcement
on the plan.
(Reporting by Bhakti Tambe; Editing by Varun H K)
bhakti.rajendratambe.thomsonreuters.com@reuters.net Twiter: ))
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