State Bank Of India

State Bank of India (SBI), the country’s top lender, plans to launch a benchmark size five-year euro bond issue, because of a significant pipeline of existing customers who require euros. A benchmark bond offer is typically $500 million or more.

SBI had hired six banks for a euro bond issue of 500 million to 750 million euros ($680 million-$1.02 billion) and that it would begin investor meetings on November 17. The SBI offer would be the first large euro issue by an Indian borrower since March 2007, when ICICI Bank raised 500 million euros through a two-year floating rate bond.crackcrack