By Reshmi Basu
New York, Dec. 1 - State Bank of India, through its London branch, priced an upsized $400 million offering of five-year bonds (Baa2/BB) at 99.574 with a 4¾% coupon to yield 117.5 basis points over U.S. Treasuries, according to a market source.
The bonds, increased from $300 million, came in tighter than price guidance. Guidance was set at Treasuries plus 120 basis points.
Citigroup, Deutsche Bank and HSBC ran the books for the Regulation S deal.
State Bank of India, based in Mumbai, is India's largest commercial bank.
| Issuer: | State Bank of India
|
| Amount: | $400 million
|
| Issue: | Senior fixed-rate notes
|
| Maturity: | Dec. 8, 2009
|
| Issue price: | 99.574
|
| Coupon: | 4¾%
|
| Spread: | Treasuries plus 117.5 basis points
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 8
|
| Bookrunners: | Citigroup, Deutsche Bank, HSBC
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BB
|
| Price guidance: | Treasuries plus 120 basis points
|
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