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Stephenson Harwood (Singapore) Alliance advises on landmark US$1 billion syndicated social loan for State Bank of India
Stephenson Harwood (Singapore) Alliance has advised MUFG Bank and Taipei Fubon Commercial Bank – acting as the mandated lead arrangers, underwriters, bookrunners and joint social loan coordinators, together with a syndicate of 24 international banks – on a US$1 billion syndicated social loan facility for State Bank of India (SBI).
This is a significant transaction for SBI and the India syndicated loan market, as it is SBI’s inaugural social loan. It is one of the largest ESG loans to a commercial bank in Asia Pacific, and second largest social loan globally. Proceeds from this social loan will be used to finance social projects such as affordable housing and lending for small and medium-sized businesses, including women entrepreneurs, micro entrepreneurs, self-help and joint liability groups, and smallholder farms.
This transaction underscores SBI’s longstanding commitment to supporting green and social projects in India. It involved SBI publishing its Sustainable Financing Framework, covering both the green and social uses of proceeds. This framework is in line with the 2021 Green Loan Principles and Social Loan Principles – globally-recognised methodologies developed by the Loan Market Association (LMA), Asia Pacific Loan Market Association (APLMA), and Syndications and Trading Association (LSTA) to consistently certify, track and monitor the environmental and social impact of financing assets.
The Stephenson Harwood team was led by Singapore-based banking and finance partner Dr Gregory Xu. Further advice was provided by Hong Kong-based partner Mark Reed.