Question
SBI’s recent (Oct 2024) ₹5,000 crore bond issuance
had a coupon rate of ______.Solution
State Bank of India (SBI) raised Rs 5,000 crore through the issuance of Additional Tier-I (AT-I) bonds at a coupon rate of 7.98 per cent to bolster its capital base, marking the lender's first such issuance in the current financial year. The coupon rate is the rate of interest that the bank will pay to investors. The bonds have a call option exercisable after 10 years. AT-1 bonds are debt instruments that are issued by banks to raise money and shore up the capital base. The AT-I bond issue had a base size of Rs 2,000 crore, with a greenshoe option for an additional Rs 3,000 crore. They have been rated ‘AA+’ by Crisil Ratings.
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