SBI revives Indian market with green dollar bond

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By Morgan Davis
20 Sep 2018

State Bank of India sold its debut green dollar bond through its London branch on Wednesday, reopening the market for the country’s issuers. But despite being a strong credit, the bank didn’t have an easy time marketing its notes against a volatile backdrop, as sceptical investors demanded a premium for emerging market risk. Morgan Davis reports.

Indian issuers have been largely missing from the international market this year. While Power Finance Corp raised $300m from a 10 year in August — the first dollar bond from the country in months — market watchers called the transaction a “big disappointment”. The Baa3/BBB-/BBB- rated issuer ...

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