State Bank of India prices bond in jittery market

Observers say the SBI deal performs well considering the glut of Indian paper and Thursday's challenging market conditions.

State Bank of India SBI, acting through its Nassau branch, priced a $225 million BB-rated Standard and PoorÆs hybrid tier-1 perpetual note yesterday. The offering, which comes under the bank's $5 billion MTN program, priced at 137bp over mid- swaps with a coupon of 7.14% via lead managers Citi and JPMorgan. The deal closed as Asian stocks fell on Thursday after a rebound in US bond yields.

Bookrunners released an initial guidance of 135bp-140bp over mid-swaps yesterday...

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