HONG KONG, Sept 9 (IFR) - State Bank of India,
acting through its Dubai IFC branch, will meet investors from
Monday for a US dollar-denominated Additional Tier 1 offering.
The transaction would be the first of its kind from India,
potentially opening a funding route for the country's
thinly-capitalised banks, who need to sell Basel III-compliant
loss-absorbing capital to boost their Tier 1 ratios.
Meetings will take place in Hong Kong, Singapore and London.
SBI, India's largest public sector bank, is rated
Baa3/BBB-/BBB-. The notes are expected to be rated B1 by Moody's
and B+ by S&P.
Bank of America Merrill Lynch, Citigroup, HSBC, JP Morgan,
National Bank of Abu Dhabi, SBI Capital Markets and Standard
Chartered are joint bookrunners.
(Reporting by Frances Yoon,; editing by Vincent Baby and Daniel