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State Bank of India (SBI) raised $300mn via a 5Y formosa bond at a yield of 2.496%, 30bp inside the initial guidance of T+130bp area. The bonds have expected ratings of BBB-/BBB- (S&P/Fitch), and received orders over $1bn, 3.3x issue size. SBI is the first Indian corporate to issue a formosa bond.  The new bonds are priced 7.6bp wider to its existing 1.8% Jul 2027s issued by the London branch that yield 2.42%.

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