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 its financial strength and size, says a source.
The five-year 2011 FRN was initially issued in Singapore in December 2006, and raised $300 million.
A rare issuer, SBI has just one other 2009 bond outstanding,...
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