SBI raises USD 300 mn of Regulation S Formosa bonds

| | Mumbai
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SBI raises USD 300 mn of Regulation S Formosa bonds

Friday, 14 January 2022 | PTI | Mumbai

State Bank of India (SBI) on Thursday said it has raised USD 300 million from Regulation S Formosa bonds offering a coupon of 2.49 per cent.

 Formosa bond is a bond issued in Taiwan.

 SBI, through its London branch, raised USD 300 million in 5-year money, which was benchmarked against the 5-year US Treasury. It was priced at a spread of 100 basis points (bps) over the benchmark, according to a statement.

 The bonds will be listed on Taipei Exchange (TPEx), Singapore Exchange Securities Trading Ltd (SGX-ST) and India International Exchange IFSC Ltd (India INX), the statement said. The bank said this is the first public Formosa USD bond issued by an Indian scheduled commercial bank with a 15 per cent allocation to Taiwanese investors.

 The lender added that the transaction received an overwhelming response and saw strong interest from investors across geographies.     

A wide range of investors such as supranational agencies, assets managers, private bankers and financial institutions have invested in the issue.     

 

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