Ratings upgrade lifts SBIÆs $700 million bond

Investors are ga-ga for Indian bank paper, so it comes as no surprise that the first issuer to test the new investment-grade waters achieved the best pricing.

Last night, State Bank of India SBI priced a $700 million two-tranche deal off its euro medium-term note programme, comprising $400 million of hybrid tier-one capital perpetual, callable in 10.25 years and $300 million of five-year floating rate debt. The bond was the first to be issued in India since Standard Poor's upgraded the country's debt.

The latest SBI deal certainly broke new ground. When the lead bankers û Barclays Capital, Citigroup, Deutsche Bank and HSBC û told investors to...

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