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WHOLESALE BANKING | Tony Chua, India
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State Bank of India raises $1bln notes sale

Bonds to be issued through SBI's London branch and would be listed on Singapore
Exchange.

State Bank of India, the country's largest lender, on Friday announced the conclusion of a $1 billion issue overseas bonds.

SBI raised the fixed rate senior unsecured notes with a maturity of 5 years at a coupon rate of of 4.50 per cent payable semi-annually, as a stand-alone bond programme as per US Securities Exchange Commission (SEC) regulations.

The bonds will be issued through SBI's London branch as of 27 July 2010 and would be listed on the Singapore Stock Exchange, SBI said in a filing with the Bombay Stock Exchange.

Of the total bond issue, US-based investors received 55 per cent; Asian investors received 28 per cent while European investors were allocated the balance 17 per cent.

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