State Bank of India prices $200 million FRN

Pricing for the deal from India's largest bank is tight as investors back the bank's need for cash.

On Tuesday afternoon, government-owned State Bank of India SBI, IndiaÆs largest bank by assets and deposits, priced a Baa2BB re-issued senior unsecured $200 million floating rate note FRN at 100.2122 plus accrued interest, equivalent to three-month Libor plus 45 basis points. This compares to earlier guidance of Libor plus 45-47 basis points.

The issue pierces IndiaÆs foreign currency sovereign rating of Baa3 thanks to SBIÆs extensive foreign operations facilitating strong US dollar cash flow, as well as...

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