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State Bank of India talks $225 million perpetual bonds at mid-swaps plus 135-140 bps
By Reshmi Basu
New York, June 20 - The State Bank of India set price talk for a maximum $225 million offering of perpetual hybrid tier 1 bonds (Baa2/BBB-) at mid-swaps plus 135 to 140 basis points, according to a market source.
The issue will be non-callable for 10 years. If the bonds are not called, the coupon steps up by 100 bps.
Citigroup and JP Morgan were the lead managers for the Regulation S deal.
State Bank of India is a New Delhi, India-based state-run bank.
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