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State Bank of India (SBI), acting through its London Branch, has successfully priced an overses bond offering of $1.25 billion (Rs. 7000 crore) of senior unsecured bonds due 2017.
Barclays, Citigroup, Deutsche Bank, J.P. Morgan, Merrill Lynch, and UBS acted as Joint lead Managers and Book Runners for the offering.
J. Sagar Associates acted as Indian legal counsel to Joint Lead Managers and Book Runners. The JSA team was led by Partner Dina Wadia along with Senior Associate Uttara Kolhatkar and Associate Saketa Musinipally.
Linklaters acted as International Counsel to Lead Managers. Linklaters team was led by Partner Pam Shores.
Amarchand Mangaldas Mumbai-based Partner Niloufer Lam advised SBI while Allen & Overy acted as International Counsel to SBI with a team led by Partner James Grandolfo.
This offering marks the first public sector bank US dollar bond issuance out of India since May 2011 and the largest single-tranche offering by a public sector bank from India, according to IndiaInfoline.
The total order book was in excess of $6.8 billion and was oversubscribed 5.4 times underscoring SBI’s strong credit profile and its position as India’s largest bank. In terms of allocations, Asia-based investors received 47% of the allocation while US investors were allocated 31% and European investors were allocated the remaining 22%.