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Universal Times Magazine > Blog > Banking > SBI raises Rs 3,717 crore via additional tier-1 bonds
Banking

SBI raises Rs 3,717 crore via additional tier-1 bonds

Gaurav Verma
Last updated: 2023/03/09 at 2:27 PM
Gaurav Verma
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The country’s largest lender State Bank of India Wednesday said it has raised Rs 3,717 crore through Basel III compliant additional tier 1 (AT1) bonds.

The tenor of these bonds is perpetual with a call option after 10 years and every anniversary thereafter.

The bonds offered a coupon of 8.25 per cent, representing a spread of 66 basis points (bps) over the corresponding Financial Benchmarks India Pvt Ltd (FBIL) government security par curve on March 8, 2023, the bank said in a statement.

The proceeds of bonds will be utilized in augmenting additional tier 1 capital and the overall capital base of the bank.

Before this, SBI had raised additional tier 1 bonds of Rs 4,544 crore on February 21, 2023 at a spread of 71 bps over the corresponding FBIL G-Sec par curve on the date of bidding.

Of the total outstanding of the lender’s additional tier 1 bonds of Rs 49,842.70 crore, Basel III AT1 bonds with a call option of 5 years stands at Rs 41,581.70 crore and AT1 bonds with a call option of 10 years is at Rs 8,261 crore.

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Gaurav Verma March 9, 2023 March 9, 2023
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