SBI announces guidance for $700 million bond

IndiaÆs biggest lender tests investor enthusiasm after S&P upgrades the country's debt.

State Bank of India SBI yesterday announced initial pricing guidance on a two-tranche bond offer that is set to continue the trend of spread-tightening in the emerging markets.

SBIÆs lead bankers û Barclays Capital, Citigroup, Deutsche Bank and HSBC û are telling investors to consider a price of 125bp-135bp for the hybrid tier-one tranche, which is structured as a perpetual non-call 10. For the five-year senior floating-rate notes, the bankers are pitching a price of 40bp-43bp.

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