SBI raises $1.25 billion through issue of overseas bond

State Bank of India (SBI) has raised $1.25 billion in a dual tranche overseas bond sale, making it the largest investment grade US dollar-denominated bond transaction out of India since August 2012. This is also the largest dual-tranche offering by a state-owned bank from India. Recently, the state run lender raised $750 million through five-year bonds and $500 million through 10-year bonds. The total order book of the offering was in excess of $5.9 billion and was oversubscribed 4.72 times with demand from 520 investors, underscoring SBI’s strong credit profile and its position as India’s largest bank.