SBI picks banks for $500m overseas bond sale

State Bank of India (SBI) plans to raise at least $500 million through a five-year overseas bond sale as soon as this month, two sources with direct knowledge said, potentially reopening the dollar bond market for Indian issuers after a lull of four months.  The country’s biggest lender has hired Citigroup, Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank, JP Morgan and UBS for the issue, said the sources, declining to be named as the process is not public yet.  SBI, which last sold overseas bonds in early 2011, will launch the issue depending on market conditions, and is working out a schedule for investor meetings, the sources said.