By Marisa Wong
Madison, Wis., Dec. 27 - Canara Bank issued Rs. 15 billion of 9.73% series 1 bonds, according to a notice.
The Basel III-compliant tier 2 bonds priced at par with a maturity of 10 years.
Proceeds will be used to augment the bank's tier 2 capital and overall capital for strengthening capital adequacy and enhancing long-term resources.
The Bangalore, India-based bank said it received ratings of AAA from Crisil Ltd. & AAA (hyb) from ICRA Ltd. for the bonds.
| Issuer: | Canara Bank
|
| Issue: | Basel III-compliant tier 2 bonds, series 1
|
| Amount: | Rs. 15 billion
|
| Maturity: | 10 years
|
| Coupon: | 9.73%
|
| Price: | Par of Rs. 1 million
|
| Yield: | 9.73%
|
| Announcement date: | Dec. 27
|
| Ratings: | Crisil: AAA
|
| ICRA: AAA (hyb)
|
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