State Bank of India (SBI), the country's largest bank, listed foreign currency bonds of USD600 million under its USD10 billion Global Medium Term Note Programme on India INX's Global Securities Market (GSM) GIFT IFSCs primary market platform for raising funds from global investors.
The bonds were issued through SBI's London branch and were priced at a record low coupon of 1.80 per annum. The low coupon reflects investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances in the year 2021.
State Bank of India has been one of the largest issuers of bonds who have listed their foreign currency bonds on India INX with a total of USD2.6 billion listed on the Global Securities Market platform with this listing. Since the launch of Global Securities Market, it has been the leading listing platform for bonds at GIFT IFSC. The Global Securities Market platform of India INX offers fundraising guidelines at par with other international venues. MTNs established on India INX platform since launch in January 2018 are of value USD48.5 billion-plus.
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