{"id":15145,"date":"2026-07-25T16:19:04","date_gmt":"2026-07-25T10:49:04","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=15145"},"modified":"2026-07-23T16:34:16","modified_gmt":"2026-07-23T11:04:16","slug":"sbi-to-issue-200-million-offshore-bonds-via-london-branch","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/","title":{"rendered":"SBI to Issue $200 Million Offshore Bonds via London Branch"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"State_Bank_of_India_SBI_raised_an_additional_200_million_on_July_17_2026_by_tapping_an_existing_outstanding_bond_issue_that_matures_in_July_2029_The_bonds_were_issued_through_SBIs_London_branch_and_listed_in_GIFT_City\"><\/span><span data-subtree=\"aimfl,mfl\" data-copy-service-computed-style=\"font-family: &quot;Google Sans&quot;, Arial, sans-serif; font-size: 16px; font-weight: 400; margin: 0px; text-decoration: none; border-bottom: 0px rgb(10, 10, 10);\">State Bank of India (SBI) raised an additional $200 million on July 17, 2026, by tapping an existing outstanding bond issue that matures in July 2029<\/span>. The bonds were issued through SBI&#8217;s London branch and listed in GIFT City.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>State Bank of India (SBI) raised another $200 million <sup>[1]<\/sup> by tapping into an already issued overseas bond through its London branch. The bond due in July 2029 has a floating coupon of 100 basis points over the Secured Overnight Financing Rate (SOFR). The bank opted for an expansion instead of a new series of bonds. This method, used in a wide variety of international capital markets, is described as a \u201cbond tap\u201d in market language.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#State_Bank_of_India_SBI_raised_an_additional_200_million_on_July_17_2026_by_tapping_an_existing_outstanding_bond_issue_that_matures_in_July_2029_The_bonds_were_issued_through_SBIs_London_branch_and_listed_in_GIFT_City\" >State Bank of India (SBI) raised an additional $200 million on July 17, 2026, by tapping an existing outstanding bond issue that matures in July 2029. The bonds were issued through SBI&#8217;s London branch and listed in GIFT City.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#What_Is_a_Bond_Tap_and_Why_Does_It_Matter\" >What Is a Bond Tap, and Why Does It Matter?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#Part_of_a_Larger_Overseas_Funding_Push\" >Part of a Larger Overseas Funding Push<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#Why_This_Matters_for_Indian_Banking\" >Why This Matters for Indian Banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#Key_Takeaways\" >Key Takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Is_a_Bond_Tap_and_Why_Does_It_Matter\"><\/span><strong>What Is a Bond Tap, and Why Does It Matter?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When a borrower wants to raise more capital by increasing the size of a bond series and decides to do it via an already issued bond, it is called a tap issuance. SBI benefits from following this method because it:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Has a cost advantage over a new bond issuance<\/li>\n\n\n\n<li>Allows for faster access to the capital markets because they do not need to do extensive documentation and can quickly set their pricing<\/li>\n\n\n\n<li>Increases the liquidity for the series of bonds<\/li>\n\n\n\n<li>Increases investor demand, interest and participation in the bond series<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Part_of_a_Larger_Overseas_Funding_Push\"><\/span><strong>Part of a Larger Overseas Funding Push<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This $200 million raise is the latest in a series of dollar-denominated fundraises SBI has undertaken through its London branch over the past several months:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Month (2026)<\/strong><\/td><td><strong>Amount Raised<\/strong><\/td><td><strong>Structure<\/strong><\/td><td><strong>Coupon<\/strong><\/td><\/tr><tr><td>January\/February<\/td><td>$250 million<\/td><td>12-month floating rate notes<\/td><td>SOFR + 50 bps<\/td><\/tr><tr><td>June<\/td><td>$200 million<\/td><td>Tap of bond due September 2030<\/td><td>4.50% fixed<\/td><\/tr><tr><td>June\/July<\/td><td>$300 million<\/td><td>3-year senior unsecured floating rate notes<\/td><td>SOFR + 100 bps<\/td><\/tr><tr><td>July (latest)<\/td><td>$200 million<\/td><td>Tap of bond due July 2029<\/td><td>SOFR + 100 bps<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Sources: Business Standard<\/em><em><sup>&nbsp; [2]<\/sup><\/em><em>, Economic Times <\/em><em><sup>[1][3]<\/sup><\/em><em>, ScanX <\/em><em><sup>[4]<\/sup><\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/\" aria-label=\"SBI to Issue $200 Million Offshore Bonds via London Branch\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"SBI TO ISSUE $200 MILLION\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23163246\/SBI-TO-ISSUE-200-MILLION.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/\">SBI to Issue $200 Million Offshore Bonds via London Branch<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-first-temple-bonds-launched-for-%e2%82%b91100-crore-ujjain-project\/\" aria-label=\"India&#8217;s First Temple Bonds Launched for \u20b91,100 Crore Ujjain Project\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Temple Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/23184019\/Temple-Bonds.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-first-temple-bonds-launched-for-%e2%82%b91100-crore-ujjain-project\/\">India&#8217;s First Temple Bonds Launched for \u20b91,100 Crore Ujjain Project<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/why-two-aa-rated-bonds-can-have-very-different-risk-profiles\/\" aria-label=\"Why Two AA-Rated Bonds Can Have Very Different Risk Profiles\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Why Two AA-Rated Bonds (1)\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/07\/22182209\/Why-Two-AA-Rated-Bonds-1.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/why-two-aa-rated-bonds-can-have-very-different-risk-profiles\/\">Why Two AA-Rated Bonds Can Have Very Different Risk Profiles<\/a><\/li>\n<\/ul>\n\n\n<p>It is worth noting that SBI&#8217;s Executive Committee of the Central Board approved a long-term overseas fundraising program of US $2 billion for fiscal years 2026-2027. These funds will be raised in a single or multiple tranches via fixed- or floating-rate US dollar bonds or other major foreign currency bonds under Regulation S or Rule 144A.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_This_Matters_for_Indian_Banking\"><\/span><strong>Why This Matters for Indian Banking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SBI&#8217;s ability to raise funds in the international debt market, even with fluctuating spreads, reflects the strong positive sentiment of investors towards the largest public sector bank in India. This also happens in the context of the Reserve Bank of India\u2019s concessional swap window, in which HDFC Bank, Axis Bank, and Power Finance Corporation (PFC) have accessed the international dollar bond market in the past few months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways\"><\/span><strong>Key Takeaways<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Offshore borrowing enables SBI to extend its funding base away from domestic deposits and bonds.<\/li>\n\n\n\n<li>International funds allow the bank to finance its international lending and operations.<\/li>\n\n\n\n<li>SBI&#8217;s strong credit standing in international markets is supported by competitive coupon rates (SBI has a credit rating of BBB from S&amp;P Global Ratings).<\/li>\n\n\n\n<li>This is another example of the growing presence of Indian financial institutions in the global capital markets.<\/li>\n<\/ul>\n\n\n\n<p>As the global interest rate scenario stabilizes, SBI is expected to continue to tap international bond markets as a part of its capital and liquidity management strategy for FY2026-27.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Explore Bonds<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p><a href=\"https:\/\/goldenpi.com\/collections\/high-yield-bonds\">High Yield Bonds\u00a0<\/a>|\u00a0<a href=\"https:\/\/goldenpi.com\/corporate-bonds\">Corporate Bonds<\/a>\u00a0|\u00a0<a href=\"https:\/\/goldenpi.com\/collections\/tax-free-bonds\">Tax Free Bonds<\/a> | <a href=\"https:\/\/goldenpi.com\/\">Buy Bond Platform<\/a><\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/sbi-raises-200-million-through-bond-tap-in\/articleshow\/132385450.cms\">https:\/\/economictimes.indiatimes.com\/markets\/bonds\/sbi-raises-200-million-through-bond-tap-in\/articleshow\/132385450.cms<\/a>&nbsp;<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.business-standard.com\/companies\/news\/sbi-raises-300-mn-via-3-year-dollar-bonds-at-sofr-plus-100-basis-points-126062900844_1.html\">https:\/\/www.business-standard.com\/companies\/news\/sbi-raises-300-mn-via-3-year-dollar-bonds-at-sofr-plus-100-basis-points-126062900844_1.html<\/a>&nbsp;<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/sbi-secures-250-million-via-overseas-bonds\/articleshow\/127746772.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst\">https:\/\/economictimes.indiatimes.com\/markets\/bonds\/sbi-secures-250-million-via-overseas-bonds\/articleshow\/127746772.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst<\/a>&nbsp;<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/scanx.trade\/stock-market-news\/debt-markets\/state-bank-of-india-prices-usd-200-million-notes-at-4-50\/41611175\">https:\/\/scanx.trade\/stock-market-news\/debt-markets\/state-bank-of-india-prices-usd-200-million-notes-at-4-50\/41611175<\/a>&nbsp;<\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n\n\n\n<script type=\"application\/ld+json\">\n[\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"NewsArticle\",\n    \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/#article\",\n    \"isPartOf\": {\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/sbi-to-issue-200-million-offshore-bonds-via-london-branch\/\"\n    },\n    \"headline\": \"SBI to Issue $200 Million Offshore Bonds via London Branch\",\n    \"description\": \"State Bank of India plans to issue $200 million in offshore bonds through its London branch. 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