SBI looks to raise up to $2 billion in FY24 via overseas bond sales

State Bank of India plans to raise up to $2bn in foreign bond sales by FY 2024, with board members set to discuss a fundraising strategy during 18 April’s meeting. SBI reportedly accounts for around 20% of all of India’s outstanding bank loans, and is expected to issue senior unsecured notes in multiple tranches and any currency under Reg-S/144A. Debt-market analysts note the maximum foreign bond sales for HDFC Bank, ICICI Bank, and Axis Bank amounted to around $1bn or below for a given financial year.

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