State Bank of India plans to raise US$1 billion by issuing overseas bonds in two tranches, Business Standard reported Jan. 17.

The bank will issue US$700 million and US$300 million of five- and three-year bonds, respectively. The five-year bonds were priced at 185 basis points above the U.S. Treasury and the three-year bonds were priced at 157 basis points above the U.S. Treasury.