SBI to raise US$ 500-600 million in offshore borrowing

REUTERS: The State Bank of India plans to raise US$ 500-600 million worth of offshore external commercial borrowings in three to four months time, a senior executive said on Tuesday.

India’s largest lender priced a five-year, US$ 1 billion bond issue with a coupon of 3.25% last week, generating interest of more than four times the bond size, the bank’s Managing Director of International Business Hemant Contractor said.