State Bank of India's MYR500 million fixed-rate notes assigned 'BBB-' rating
31st March 2008: Standard & Poor's Ratings Services has assigned its 'BBB-' rating to the proposed senior unsecured five-year Malaysian ringgit (MYR) 500 million fixed-rate notes to be issued by State Bank of India (SBI; BBB-/Stable/A-3), acting through its London branch.
SBI will be the first Indian issuer to tap the Malaysian bond market since authorities announced guidelines, in April 2004, allowing such issuances by foreign entities.
The senior bonds will constitute direct, unconditional, unsubordinated, and unsecured obligations of the bank and will rank pari passu with all of the bank's unsecured and unsubordinated obligations, and ahead of all subordinated debt issues. SBI will use the proceeds of this issue to meet funding requirements for international operations. The bonds will be governed by Malaysian law and will not be listed on any stock exchange.
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