SBI sets 7.51% coupon for 10-year infra bonds

State Bank of India(SBI) has set a 7.51% coupon for infrastructure bonds maturing in 10 years, three merchant bankers said on Friday.

The country’s largest lender had invited coupon and commitment bids from bankers and investors earlier in the day and has accepted bids worth 100 billion rupees ($1.23 billion), they said.

The bonds are rated AAA by India Ratings and ICRA, and the issue will close for subscription next week.

In September, SBI raised 40 billion rupees through Basel III-compliant Tier II bonds maturing in 15 years at a 7.57% coupon