Oct 16, 2010
State Bank Of India - Public Issue of Lower Tier II Bonds 2010
SBI Public Issue of Bonds 2010 -
Key Highlights of the Product
1. Retail Application upto Rs. 5 lakhs with a 50% reservation for Retail
2. HNI (application of >Rs. 5 lakhs) Reservation of 25%
3. Attractive Coupon Rate of 9.25% for 10 year bond & 9.50% for 15 year bond
4. Call option at the end of 5 years for the 10 year bond & 10 year call for the 15 year bond
5. Step up coupon of 0.5% if the call option is not exercised
6. No Lock-in period
7. Allotment on a First Come First Serve Basis
8. Allotment of bonds in Demat Form
9. Bonds will be listed on NSE and will provide a platform for trading of the Bonds
10. No TDS since the Bonds are listed and issued in dematerialized form
The Bonds are capital instruments and not deposits of the Bank and they can not be used as collateral for any loan made by the Bank or any of its subsidiaries or affiliates. Bonds are different from fixed deposits and are not covered by deposit insurance. Unlike the fixed deposits where deposits are repaid at the option of deposit holder, the Bonds are not redeemable at the option of the Bondholders or without the prior consent of RBI.
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