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SBI Raises $250mn Through Green Bonds; Maturing On 2028

The Green Notes rated BBB- by S&P, were issued on a floating rate basis of 1.20% above SOFR and has been listed on the India International Exchange.

SBI Raises $250mn Through Green Bonds; Maturing On 2028

New Delhi: India's largest lender, State Bank of India (SBI has announced the conclusion of successful placement of USD 250 million senior unsecured Green floating rate notes, referred to as "The Green Notes." 

The Green Notes rated BBB- by S&P, were issued on a floating rate basis of 1.20% above SOFR and has been listed on the India International Exchange.

"This issuance, maturing on December 29, 2028, is part of SBI's USD 10 Billion medium-term note program and was conducted through a private placement facilitated by its London branch. Continuing its commitment towards sustainable development, proceeds will be allocated to eligible green projects according to the Bank's ESG Financing Framework," said SBI in a statement.

MUFG acted as the sole green note coordinator and placement agent for this placement.

Commenting on the occasion, Dinesh Khara, Chairman, SBI  said “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, Towards this end, SBI has enunciated its ESG framework earlier this year. Issuance of green bonds is one of the steps towards building up a green portfolio.”