SBI raises USD 500 million through IFSC Gift City branch
MUFG, Bank of America and JP Morgan were the joint lenders for this offering whereas Fist Abu Dhabi Bank acted as the facility agent.
The country’s largest lender State Bank of India (SBI) on Monday said it has raised USD 500 million (over ₹3,800 crore) through its IFSC Gift City branch.This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch, a release said.The facility is for USD 400 million plus USD 100 million as a green shoe option.Also read: Bharat Bandh: SBI branches, ATM services likely to be hit for next two days”The successful launch of syndicated loan at such a fine pricing demonstrates the kind of reputation SBI has created for itself in offshore financial markets allowing it to efficiently raise funds even during ongoing turbulence in the markets caused by geopolitical tensions and rate hike expectations by US Federal Reserve and other central banks across the globe,” its Managing Director Ashwini Tewari said.Also read: SBI recruitment: Apply for the post of specialist cadre officer, details hereMUFG, Bank of America and JP Morgan were the joint lenders for this offering whereas Fist Abu Dhabi Bank acted as the facility agent.It is another step towards the bank’s commitment to develop IFSC Gift City as an international financial hub, the release said.
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