SBI raising USD 300mn through medium Term bonds; S&P and Flitch assigned BBB Rating

Current Context: The State Bank of India (SBI) issued the $300 million medium-term bonds on Thursday, January 10, 2024. This fundraising round comes after SBI mopped up $1 billion last week.

• The new issue is likely to be concluded soon and it has a green shoe option to raise extra amounts based on market conditions and pricing trends.
• S&P Global Ratings and Fitch Ratings have assigned a ‘BBB-’ long-term issue rating to these US dollar-denominated senior unsecured notes.
• The ratings reflect SBI’s dominant market position, its strong deposits, and India’s robust economic growth that supports SBI’s loan growth, asset quality, and profitability.

Question:

Q.1 How much is the State Bank of India (SBI) raising through medium-term notes?
a. $100 million
b. $200 million
c. $300 million
d. $400 million