New Delhi, July 23: Amid market turbulence and volatility, India's largest lender State Bank of India has raised USD 1 billion (about Rs 4,700 crore) through bonds from the US market, paving way for others to tap the market.
The successful completion of the bond issue, which was oversubscribed 4.8 times, shows strong fundamentals of the lender in terms of its credit profile and as India's largest bank.
"This is a signature deal, despite market turbulence and volatility. In terms of deal size, order book multiple, diversification into new investors in the US, and number and quality of investors, we achieved our objectives with this issuance," SBI Chairman O P Bhatt said in a statement.
Acting through its London Branch, the SBI issued the bonds at a coupon rate of 4.