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State Bank of India raises 25B rupees via issuance of AT1 debt

State Bank ofIndia issued 25 billion Indian rupees of Basel III-compliant,Additional Tier 1 debt instruments on a private placement basis.

The bank said Sept. 27 that the debt instruments were pricedat par with a coupon of 8.75% per year. The issuance was thebank's second tranche of debtinstruments.

In August, the bank said it planned to 111 billion rupees through theissuance of Basel III-compliant, Additional Tier 1 perpetual debt instrumentsin one or more tranches.

As of Sept. 27, US$1was equivalent to 66.54 Indian rupees.