State Bank of India becomes the first issuer to raise and list USD 500 Million bonds on NSE IX after India's Sovereign rating upgrade

NSEIX welcomed the senior management team of The State Bank of India in GIFT IFSC today to ring the bell to commemorate the listing of foreign currency bonds of USD 500 Million , issued at the tightest spread by any other bank.

This listing holds immense importance for both marquee financial institutions, as State Bank of India is a cornerstone stakeholder of NSE Group. This milestone listing reaffirms the continuous commitment shown by State Bank of India in strengthening presence in GIFT IFSC.

Commenting on the listing, Mr. V.Balasubramaniam MD & CEO NSEIX said, "We are delighted to welcome this trendsetting issue of India's leading bank SBI on NSE IX. We thank the SBI team for reposing their trust on us and congratulate them on this landmark issuance of USD 500 Mn at the tightest spread ever by an Indian Bank and the first after India's sovereign rating upgrade. With this, our total bond listings are now over USD 34+ Billion with the total medium- term notes established to the tune of USD 68+ Bn, making NSEIX the platform of choice for issuers of foreign currency bonds".

Commenting on the transaction, Shri Rama Mohan Rao Amara, Managing Director (IB, GM & T), SBI, said , "The successful issuance of USD 500 million is a testament to the strong appetite for bonds of SBI and reflects the confidence of the global investors in India's growth story in general and credit quality of the Bank in particular. The listing at NSE-IX enhances market visibility while reinforcing SBI's commitment to support the vision of strengthening the GIFT City ecosystem as an evolving international financial hub."

Shares of State Bank of India was last trading in BSE at Rs. 808.95 as compared to the previous close of Rs. 809.00. The total number of shares traded during the day was 170532 in over 7778 trades.

The stock hit an intraday high of Rs. 812.45 and intraday low of 805.40. The net turnover during the day was Rs. 137816654.00.

Source : Equity Bulls

Keywords

StateBankofIndia INE062A01020 SBI NSEIX GIFTIFSC