SBI raises $650 million through green bonds

The State Bank of India (SBI) has raised $650 million through the issue of green bonds. This is part of the bank’s target of raising $3 billion through green bonds to fund renewable energy projects. The bonds were raised from SBI’s London branch and have a maturity period of five years. For American investors, the price of the bond has been set at the US treasury rate (approximately 3 per cent) plus 165 basis points (1.65 per cent). For British investors, the price will be 3 per cent London Inter-bank Offered Rate plus 151 basis points (1.51 per cent). The bonds have been rated BBB- by Fitch Ratings.

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