SBI completes Rs4,650 crore five-year bond issue

State Bank of India (SBI) said its 750-million euro (about Rs4,650 crore) five-year bond issue was snapped in a day, making it the first such issue from the country in the past three years and the first Asian issue this year.

The issue comes as the bank awaits government nod to come out with a Rs20,000-crore rights issue to further capitalise itself. The permission for the rights issue is expected anytime from now and the issue may hit the market late December or early January.

The proceeds from the benchmark-size bond issue, issued through its London branch, will be used for funding the lender's euro-denominated assets and for general corporate purposes, SBI said in a statement.

A benchmark-size bond typically is of $500 million or more. The issue, which has a fixed annual coupon of 4.5%, was lead-managed by Barclays Capital, BNP Paribas, Credit Agricole, CIB, DB, StanChart and UBS. The bonds will be settled on 30th November and will mature on 30 November 2015.

 On Wednesday, SBI declined 3.34% to Rs2,854.10 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.18% down at 19,459.85 points.

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JSW buys Canadian coal company for $422 million

JSW Energy Ltd said it has bought Canadian coal company CIC Energy for $422 million.

CIC Energy operates the Mmamabula coal and power station project in Botswana. The deal is JSW's second acquisition in the coal sector in southern Africa within a year. Earlier, the Indian company had acquired a stake in South African Coal Mining Holdings.

On Wednesday, JSW Energy declined 2.66% to Rs108.10 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.18% down at 19,459.85 points.

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Tight or right?

Is the mortgage market largely to be blamed for the lack of a real recovery in housing?

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