SBI makes history printing first Indian offshore AT1

Filipe Frazao/gustavofrazao - Fotolia

State Bank of India (SBI) succeeded in pricing the first offshore Basel III additional tier one (AT1) offering from an Indian name this week, but a bullish pricing strategy meant orders were muted and it has struggled in secondary. Despite the glitches, many believe the deal has set an important benchmark, writes Addison Gong.