SBI to raise 1 billion overseas

State Bank of India on Thursday hit the international bond market to raise about 1 billion Rs 5,430 crore in a five-year dollar-bond sale programme.

SBI hit the overseas bond market with a benchmark issue 500 million or above. The initial pricing of the fixed rate,five-year senior unsecured bond is fixed at US treasury plus 275 basis points, a merchant banker said.

SBI chairman Pratip Chaudhuri confirmed the sale programme and said the bank should be able to close the issue late Thursday.