State Bank of India on Tuesday said it has concluded a landmark $1 billion syndicated social loan, making it the largest ESG loan raised by a commercial bank in the Asia Pacific market.
In a statement, the bank said the loan is of $500 million of primary issue and an equal amount in greenshoe option. It is also the maiden such issuance from the nation’s largest lender.
The deal is the largest ESG (Environmental, Social and Governance) loan by a commercial bank in the Asia Pacific and the second largest social loan globally, it added.
The issue got overwhelming participation from banks across Taiwan, Japan, China, and the Middle East ensuring a full subscription, including $500 million of the greenshoe option. At current exchange rates, $1 billion is worth more than `8,200 crore.