State Bank of India Raises USD 200 Mio via Floating Rate Notes Maturing in 2029
State Bank of India has concluded the issuance of USD 200 Mio Senior Unsecured Reg-S Floating Rate Notes as a tap of its existing outstanding note due July 6, 2029, issued through its London branch with a coupon of SOFR + 100 bps p.a. The securities are set to be listed on India INX, GIFT City, with an issue date of July 17, 2026, and an original maturity of 3 Years.
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State Bank of India has concluded the issuance of USD 200 Mio Senior Unsecured Reg-S Floating Rate Notes. The notes were issued as a tap of its existing outstanding floating rate note due July 6, 2029. This issuance allows the bank to raise capital through its London branch, with the securities set to be listed on India INX, GIFT City.
The notes carry a coupon of SOFR + 100 bps p.a., payable quarterly in arrears under Regulation-S. The original maturity of the instrument is 3 Years. The issuance was made through the bank's London branch, with the issue date set as July 17, 2026.
Key Details of the Issuance
The following table summarises the key parameters of the floating rate note issuance:
| Parameter: | Details |
|---|---|
| Issue Amount: | USD 200 Mio |
| Type: | Senior Unsecured Reg-S Floating Rate Notes |
| Coupon: | SOFR + 100 bps p.a. |
| Payment Frequency: | Quarterly in arrears |
| Maturity Date: | July 6, 2029 |
| Original Maturity: | 3 Years |
| Listing Venue: | India INX, GIFT City |
| ISIN (Existing Note): | XS3433781062 |
The disclosure was made to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted by Aruna N Dak, DGM (Compliance & Company Secretary) on behalf of the bank.
Historical Stock Returns for State Bank of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.18% | +4.13% | +1.67% | -1.24% | +32.59% | +130.88% |
How will the current SOFR trajectory impact the overall cost of borrowing for SBI over the note's 3-year term?
Will this successful tap issuance encourage SBI to increase its reliance on the London branch for future capital raising?
What does this issuance indicate about the current foreign investor appetite for Indian banking debt instruments?
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