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.