Mumbai, Mar 19 (UNI) State Bank of India (SBI) has successfully concluded a five-year fixed-rate Malaysian Ringgit-denominated bond issue aggregating MYR 500 million.
Despite the backdrop of volatile global market conditions, the issue attracted a strong demand from high quality Malaysian investors, which enabled SBI to price a well-distributed benchmark trade with a 4.9 per cent coupon in a new market. HSBC acted as the Sole Lead Manager and Sole Bookrunner on this transaction, HSBC said in a release here today.
The MYR bond issue was rated AA+ by Malaysian Rating Corporation Berhad, with HSBC acting as Sole Ratings Advisor in this respect.
SBI has international credit ratings of Baa2/BBB - (senior) from Moody's/S&P respectively.
The issue is a groundbreaking transaction, representing the first ever Indian borrower to successfully price an MYR bond issue, and also the first ever MYR bond by a foreign borrower from a country with a lower sovereign rating than Malaysia. The transaction has effectively paved the way for other potential issuers with the investors being made aware of the India story and the Banking sector in specific.
UNI VK NM AG1945