State Bank of India eyeing senior note sale in five-, 10-year tranches; pricing Thursday

By Aleesia Forni

Virginia Beach, April 10 - State Bank of India intends to sell a two-part issue of senior notes (Baa3/BBB-/) in five- and 10-year tranches on Thursday, according to market sources.

The five-year notes are talked in the Treasuries plus 210 basis points area, and the 10-year notes are talked in the Treasuries plus 230 bps area.

The notes will feature a change-of-control put at 101%.

BofA Merrill Lynch, Barclays, BNP Paribas Securities Corp., J.P. Morgan Securities LLC, SBI Capital Markets, Standard Chartered Bank and UBS Securities LLC are the joint bookrunners for the Rule 144A and Regulation S deal.

State Bank of India is based in Mumbai.

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