India’s largest lender, State Bank of India has concluded the issue of raising $500 million through senior unsecured notes at a coupon of 4.50%, payable semi-annually, according to an exchange filing on Tuesday.

The notes, maturing in five years, will be issued through the bank’s London branch as of Sept. 9. The notes will be listed on Singapore Stock Exchange and NSE-IX Exchange, GIFT City.

Fitch Ratings had assigned a BBB- rating on the bank’s proposed senior unsecured notes. The notes will be rated ‘BBB’ by S&P Global Ratings.

This bond issue has come after S&P Global Ratings last month upgraded India’s sovereign credit rating for the first time in 18 years to ‘BBB’ from ‘BBB-‘.

The last time SBI had tapped the offshore market was in November 2024, when it had raised $500 million through bonds maturing in five years at a coupon of 5.13%.