State Bank of India, the country’s largest lender, has raised $250 million through the issuance of green bonds via private placement facilitated through its London branch.
The bonds, which have been issued as part of SBI’s $10 billion medium-term note programme, will mature on December 29, 2028, the lender said in a statement.
“The successful placement is testimony to SBI’s commitment towards its sustainability objectives in creating a positive impact on the environment. Green banking and sustainability have long been areas of priority,” said Dinesh Khara, Chairman, SBI.
The proceeds of the issuance will be allocated towards eligible green projects in accordance with the bank’s Environmental, Social and Governance (ESG) Financing framework.
The bonds are senior, unsecured, green floating rate notes, rated BBB- by S&P. The pricing of the securities was 1.20% over the Secured Overnight Financing Rate (SOFR), which is a global benchmark for pricing dollar-denominated issuances.
SBI’s green bond issuance was coordinated and placed by Mitsubishi UFJ Financial Group Inc. The bonds have been listed on the India International Exchange.
