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Mumbai, September 22, 2022: State Bank of India (SBI), the country’s largest lender, raised Rs. 4,000 crores Basel III compliant Tier 2 bonds on Wednesday, September 21, 2022, at a coupon rate of 7.57%. The issue attracted an overwhelming response from investors with bids of Rs. 9,647 crores and was oversubscribed by about 5 times against the base issue size of Rs. 2,000 crores. This is an indicator of the trust the investors place in the country’s largest bank.
Based on the response, the Bank has decided to accept Rs. 4,000 crores at a coupon rate of 7.57% payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates, thereafter. This represents a spread of 14 bps over 10-year Gsec. The 10-year SDL cut-off was 7.69% annualized on September 20, 2022.
The Bank has AAA (stable) credit rating from domestic credit rating agencies for these instruments.
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