Bloomberg reports new issuance via London Branch of giant Indian bank
State Bank of India, India’s largest banking institution has announced plans to issue an inaugural USD benchmark green bond in the Reg S market. Green Banking and Sustainability have long been areas of priority for the lender and in an early delineation of this approach, SBI had enunciated its Green Banking Policy a decade back.
The green bonds are in alignment with the pre-issuance requirements of the Climate Bonds Standard Version 2.1 issued by the Climate Bonds Initiative. KPMG India has issued an independent limited assurance statement and CBI has Certified that the issue of the bonds will meet the relevant criteria set by the Climate Bonds Standard Board, in each case with respect to the SBI's Green Bond Framework.
The proceeds from the issuance of the Notes will be applied towards investment in Eligible Green Projects as per the SBI’s Green Bond Framework.
The bank has appointed Bank of America Merrill Lynch, BNP PARIBAS, Citigroup, Crédit Agricole CIB, HSBC, SBICAP and Standard Chartered Bank to manage the issuance.
We understand global investor calls are being scheduled for the planned issuance to reach out to potential investors.
More to come,