State Bank of India, the country’s largest lender, has concluded the sale of $750-million senior 5-year notes at a coupon of 4.875% on Thursday.

"The bonds will be issued through our London branch as of May 5, 2023 and shall be listed on Singapore Stock Exchange and India International Exchange, GIFT City," SBI said in a regulatory filing.

SBI had mandated six banks — HSBC, Citigroup, JPMorgan, Standard Chartered Bank, MUFG, Emirates NBD — as joint global coordinators and lead managers

“The successful issue highlights SBI's strong investor base in offshore capital markets, which enables it to effectively raise funds from the world's leading fixed-income investors, especially during moments of increased volatility and uncertainty. This demonstrates global investors' confidence in the Indian banking sector in general, and in SBI in particular, and it also attests to SBI's unparalleled access to global capital markets," said SBI Chairman Dinesh Khara.

The issuance received an overwhelming response and saw strong interest from investors across geographies with a final order book in excess of $2.9 billion across 181 accounts.

On the back of strong demand, the order booked peaked at $5.4 billion, making room for the guidance to be revised from T+185 area to T+145, SBI said in an official release.

The successful issuance demonstrates the strong investor base SBI has created for itself in offshore capital markets, allowing it to efficiently raise funds from world’s leading fixed income investors, even during periods of heightened volatility, it added.

Earlier this month, the bank's board had approved a proposal to raise $2 billion (about Rs 16,000 crore) from bonds to fund its global operations.