SBI may delay overseas bond issuance programme due to Greek debt crisis


financial express-State Bank of India (SBI) may delay $1.5 billion overseas bond issuance programme due to volatility in foreign market as a result of Greek debt crisis.
“There is volatility in the global market due to Greek issue. No one would venture till stability returns,” a senior SBI official said.

The bank was in process of holding roadshows for the issuance of overseas bond.
Last year in April, the bank mopped up $1.25 billion from overseas debt sale through a dual tranche bond programme, making it the largest-ever offering from a domestic issuer.
The bank raised $750 million with 5-year tenure at US treasury interest rate plus 205 basis points, while it priced the 10-year $500 million issue at 225 basis points over the treasury.

The investor breakdown by regions stood at 53 per cent non-resident US investors; 24 per cent from Asia; and 23 per cent from Europe for the 5-year Reg S issue, while the investor type were 70 per cent asset managers/fund houses; 15 per cent banks; nine per cent private banks and six per cent insurance and others.
With regard to the 10-year tranche, of the 290 accounts, 40 per cent came from the non-resident US investors, 33 per cent from Europe and the rest 27 per cent from Asia.

The investors included 50 per cent asset managers/fund houses, 30 per cent banks and the remaining 20 per cent insurers, corporates and others.
Greeks on Sunday rejected a rescue package from its international creditors, throwing the future of the country’s Eurozone membership in doubt.
Frustrated and angered Eurozone leaders gave Greek Prime Minister Alexis Tsipras a last-minute chance till coming Sunday to finally come up with a viable proposal on how to save the country from financial ruin.

Read More :

Updated: 14/07/2015 — 8:26 PM

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
COPYRIGHT © 2017. Pramod Baviskar. Dalal street winners advisory and coaching services. FAQ | Disclaimer | Privacy Policy       

This website is best viewed using Microsoft Internet Explorer 9 or higher, and/or latest version of Google Chrome and Mozila Firefox browsers.