On September 1, 2025, SBI successfully launched a $500 million dollar bond issue that was immediately scaled to $1 billion due to overwhelming investor demand. The five-year bonds were priced at a coupon of 4.5%, tightened from initial guidance of T+105 bps to a record T+75 bps over 5Y US Treasuries.
The bond received exceptional market reception, with final order books exceeding $1.1 billion across 85 investor accounts against peak demand of $2 billion. This oversubscription allowed SBI to upsize the offering by $500 million while achieving its tightest-ever overseas bond pricing.
The bonds carry expected BBB ratings from S&P and BBB- from Fitch, aligned with India's newly upgraded sovereign rating. SBI plans to use proceeds to support loan growth, balance sheet requirements, and its global expansion initiatives.
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