By Reshmi Basu
New York, June 21 - The State Bank of India sold a $225 million offering of perpetual hybrid tier 1 bonds (Baa2/BBB-) at par to yield mid-swaps plus 137 basis points, according to a market source.
The deal came at the middle of price guidance, which was set at mid-swaps plus 135 to 140 bps.
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.
| Issuer: | State Bank of India, Nassau branch
|
| Amount: | $225 million
|
| Issue: | Hybrid tier 1 bonds
|
| Maturity: | Perpetual
|
| Coupon: | 7.14%
|
| Issue price: | Par
|
| Yield: | 7.14%
|
| Spread: | Mid-swaps plus 137 bps
|
| Call option: | Callable on June 27, 2017, if not called, coupon, steps up 100 bps
|
| Lead managers: | Citigroup, JP Morgan
|
| Pricing date: | June 21
|
| Settlement date: | June 26
|
| Distribution: | Regulation S
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Price guidance: | Mid-swaps plus 135 to 140 bps
|
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