$300 million floating rate note from State Bank of India

HONG KONG, Dec 6: A 0 million floating rate note from State Bank of India , India's largest lender, has attracted nearly 0 million of orders, a market source said on Wednesday.

The five-year deal is the latest move by an Indian bank to issue a global bond and is expected to be priced on Thursday.

State Bank of India had set an indicative yield range of 50 to 55 basis points over three-month LIBOR (London Interbank Offered Rate).

Barclays Capital , Citigroup and Deutsche Bank are handling the proposed offer, which is rated BB-plus by Standard&Poor's and Baa2 by Moody's Investors Service.

State Bank of India's Managing Director Yogesh Agarwal said last month that the bank may revise up its target for 30 percent growth in loans for the year to March 2007.

Agarwal said at the time that corporate loans were growing faster than retail and home loans.

Indian banks are growing their loan books at more than 30 percent a year as demand from companies for expansion and from individuals for building homes and buying cars surges in an economy growing at more than 8 percent a year.

On Monday, the UK branch of ICICI Bank , India's second-largest lender, priced a 0 million upper tier II perpetual bonds, callable in 10 years, via Barclays.

REUTERS