SBI gives Malaysian bond investors a taste of India

As international credit conditions worsen, State Bank of India manages to raise the equivalent of $162 million in Malaysia in the first ringgit deal by an Indian borrower.

State Bank of India SBI succeeded in pulling off a M$500 million $162 million deal yesterday, raising five-year funds at a yield of 4.9%, or the equivalent after-swap rate of just under 200bp over Libor, according to sources close to the deal. The deal marks the first time an Indian borrower has raised funds in Malaysian ringgit, and comes on the heels of another ringgit bond issued by Export-Import Bank of Korea a fortnight ago.

The transaction was handled by...

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