JSA Advocates & Solicitors has advised State Bank of India (SBI) in connection with the issue of $500 million (approx. ₹42,000 crore) bonds under its $10 billion Global Medium-Term Note Program.
The Firm also assisted and facilitated the listing of SBI’s bonds on NSE IX (NSE International Exchange), India’s international stock exchange at GIFT City. The transaction highlights SBI’s continued access to global capital markets and strengthens India’s presence on international exchanges.
The JSA transaction team was led by Partners Anish Mashruwala and Uttara Kolhatkar.
This US$ 500 Million Reg S marquee US$ bond issuance makes SBI as the first Indian issuer to open the markets after India’s sovereign rating upgrade. SBI became the first issuer to list the US$500 million foreign currency bonds on the NSE International Exchange (NSE IX) after India's sovereign rating upgrade to 'BBB' by S&P, its first one after 18 years.
The maiden listing of the US$ Bonds at NSE IX, the international exchange, enhances market visibility while reinforcing SBI’s commitment to support the vision of strengthening the GIFT City ecosystem as an evolving international financial hub.
The spread at which SBI has raised funds is one of the tightest spreads witnessed by an Indian financial institution, and the best-ever level achieved by an Indian issuer. This successful issuance highlights increased global investor confidence in India's growth story and SBI's credit quality, which has lowered borrowing costs for Indian entities.
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