Andhra Bank elects not to redeem 9.55% tier 1 bonds on Dec. 26

By Sarah Lizee

Olympia, Wash., Dec. 3 – India’s Andhra Bank informed the Bombay Stock Exchange that it will not exercise the call option on Dec. 26 for its Rs. 5 billion of 9.55% additional tier 1 perpetual bonds.

Under the terms of the notes, the bank may exercise the call option on Dec. 26 and any coupon payment date onwards.

As previously reported, the bank plans to redeem its 8.7% series C upper tier 2 bonds on Dec. 18 and its 8.55% subordinated tier 2 bonds on Dec. 24.

The bank is based in Hyderabad, India.

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