SBI adds to record Samurai Loan boom with ¥30 billion debt plan
State Bank of India, the country's largest lender, is seeking a ¥30 billion ($197 million) facility, according to people familiar with the matter, adding to a record volume of yen loans raised by borrowers in Asia excluding Japan this year.
Mitsubishi UFJ Financial Group Inc. is the lead bank of the deal, which will be raised in the Gujarat International Finance Tec-City, India's newest financial hub, said the people, who asked not to be identified discussing a private matter.
The facility carries a five-year tenor, the people added.
It will pay an interest margin of 60 basis points over the Tokyo overnight average rate, or TONA, a global benchmark gage for yen-denominated deals, according to one of the people.
SBI and MUFG didn't immediately reply to requests for comments. The loan would add to a tide of Samurai loans, where foreign companies raise yen debt, in Asia recently as they seek to lower funding costs and diversify away from the relatively-expensive dollar space.
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