Mumbai, June 29 -- State Bank of India (SBI) has raised $300 million by issuing three-year senior unsecured floating-rate notes through its London branch, becoming one of the first large state-owned lenders to tap overseas debt markets after the Reserve Bank of India (RBI) announced measures to make external commercial borrowings (ECBs) more attractive.

In an exchange filing on Monday, the country's largest lender said it had concluded the issuance of $300 million in senior unsecured floating-rate notes with a three-year maturity at a coupon of the secured overnight financing rate (SOFR) plus 100 basis points, payable quarterly in arrears.

The bonds have been issued under Regulation-S and will be issued through SBI's London branch on 6 ...