India’s largest lender, the State Bank of India (SBI), advised by Amarchand & Mangaldas & Suresh A. Shroff & Co. and Allen & Overy, has issued $1.25 billion worth of bonds on the Singapore Exchange.
The five-year bonds carry 4.1-percent interest. The offering marked the first public sector bank issue of U.S. dollar bonds out of India since May last year, and also the largest single-tranche offering by a public sector bank in India.
SBI was advised by Amarchand Mumbai partner Niloufer Lam. In January, Amarchand acted for SBI and The Hongkong and Shanghai Banking Corp. Ltd. on providing a $75 million loan facility for Indian commercial bank Yes Bank Ltd.
Allen & Overy Hong Kong partner James Grandolfo acted as international counsel to SBI.
The underwriters – Barclays Plc., Citigroup Inc., Deutsche Bank Securities Inc., JPMorgan Chase & Co., Merrill Lynch & Co. Inc. and UBS AG. — were advised by a J. Sagar Associates team led by partner Dina Wadia. Linklaters represented the underwriters as international counsel with Hong Kong partner Pamela Shores leading the deal team.