MUMBAI (TIP): India’s largest lender State Bank of India has raised $500 million in forex debt in three-year dollar money as part of its medium term notes (MTN) programme, making it the second fund raising by it this year.

The RegS bond programme has been sold through its London branch and is priced at Libor plus 95 bps. A RegS or Regulation S issue means that under the US Securities Commission norms, the instrument will be denominated in the greenback, but resident Americans cannot buy into them.

“We have successfully concluded a benchmark bond sale, raising $500 million, priced at Libor plus 0.95%. The three-year money was drawn through our London branch,” a senior bank official said.

The notes will be traded on the Singapore Stock Exchange, the official added.

With this, the bank has raised $4 billion out of its $10 billion MTN plan, including $400 million in perpetual bonds last year.

The bank is also in the process of raising Rs 15,000 crore directly from the market next fiscal year through a clutch of instruments, including QIP, preferential issue among others, for which it has secured shareholder approval.

On January 17 this year, SBI had raised $500 million in a five-year dollar money sale, through its London branch and got listed on the Singapore Exchange. Before this, the bank had raised overseas debt by issuing $300 million in September 2016. Prior to that, it had raised $1.25 billion in another dollar money sale in February 2014.