SBI makes bond market debut

Government-owned bank uses surprise rating differential to secure tight pricing.

The State Bank of India SBI made its international bond market debut yesterday December 1 with the country's largest offshore bond for institutional investors.

The bank's increased $400 million Reg S deal also ranks as the tightest priced fixed rate deal from India on a Libor basis. Only fellow state-owned bank IDBI has ever secured tighter pricing, bringing a seven-year FRN in 1997 at 70bp over.

SBI priced its five-year deal at...

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