SBI raises $500 million through IFSC Gift City branch

BANKING AND ECONOMY

  • SBI has raised USD 500 million (over Rs 3,800 crore) through its IFSC Gift City branch.
  • This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch.
  • MUFG, Bank of America and JP Morgan were joint lenders for this offering, whereas First Abu Dhabi Bank acted as facility agent.

Facts to Know:

 

  • The secured overnight financing rate (SOFR) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the London interbank offered rate (LIBOR).
  • SBI Chairman: Dinesh Kumar Khara
State Bank of India

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