SBI, the country's largest public sector lender, raised USD 750 million on may 29 as part of its USD 10 billion Global Medium Note programme to fund its overseas business expansion.

Global investors contributed to the fund, which was raised at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC) in Gandhinagar.

The bonds were priced competitively and issued by SBI's London Branch to fund offshore business growth.

According to the bank, this demonstrates strong investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year.

SBI chairman Dinesh Khara commented on the listing, saying that the success of the issue demonstrates SBI's strong investor base in the offshore capital markets.

The issuance received huge participation from several marquee accounts across geographies resulting in the largest spread compression amongst all USD Indian bond issuances during the current year, it said.

The listing of the bond issue on INX Gift City emphasises the vision to make Gift City a hub for all international business opportunities including foreign currency fund-raising programs, he said.