SBI to raise $1 billion via five-year dollar bonds from international market

The country's largest lender State Bank of India is in the international debt market to raise up to $1 billion through a dollar debt issue, following India's sovereign rating upgrade to BBB with a stable outlook by the global rating agency S&P after holding it for 18 years at 'BBB-', which also followed the bank's own rating upgrade.

- BENN KOCHUVEEDAN @ Mumbai

The bank is issuing dollar-denominated bonds maturing in five years, and is looking at mopping up at least $500 million and if the response and pricing is good, the issue, which is part of the bank's $10 billion medium-term note programme, may touch $1 billion, a merchant banker working on the issue told TNIE on Tuesday.