SOFR

State Bank of India (SBI) reported to have raised 3-year funds of $500 million through a syndicate loan facility. This is the first time SBI has raised USD Secured Overnight Financing Rate (SOFR) linked syndicated loan, reported ANI. The funds were raised through its IFSC Gift City Branch, which also acts as "an international financial hub". JP Morgan, Bank of America and MUFG were joint lenders of the funding.