Home » Business » SBI eyes $2 bn bond offering; hires 6 bankers
Enthused by the recent steps to stem the falling rupee value and measures to encourage foreign debt inflows into the country, State Bank of India plans to hit the market with its bond offering within couple of weeks, investment bankers working on the deal said.
SBI has hired six global giants -- Citigroup, UBS, Barclays Bank, Deutsche Bank, Bank of America Merrill Lynch and JP Morgan -- for the sale of dollar-denominated bonds, they added.
A suceesful bond offering by SBI could be followed by at least two other banks, ICICI Bank and Indian Overseas Bank, among other corporate entities, looking to raise funds through US dollar bonds, bankers noted.
The bankers are hopeful that SBI would be able to garner up to $2 billion through the bonds as the rupee is estimated to have hit its bottom against the dollar and any fall in the value of US currency from current levels would make it attractive to borrow at current exchange rates.
At the same time, there are some concerns that the negative rating actions by global agencies like S&P,
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