State Bank of India lowers talk on two-part notes offering

By Reshmi Basu

New York, Feb. 7 - State Bank of India (Baa2/BBB-/BBB-) cut price guidance on its upcoming dollar-denominated two-part notes offering, according to a market source.

Price guidance on the tranche of five-year senior notes was lowered to Libor plus 38 to 40 basis points from the initial talk of 40 to 43 basis points.

Meanwhile, the tranche of hybrid tier I perpetual notes was talked at mid-swaps plus 120 to 125 basis points, lowered from 125 to 135 basis points.

Barclays Capital, Citigroup, Deutsche Bank and HSBC have been mandated to lead the Regulation S deal, which will be priced off the bank's euro medium-term note program.

This is the second offering this year from the New Delhi-based state-run bank. On Jan. 16, SBI reopened its eurobonds due 2011 to add $200 million.

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