KOCHI:
Canara Bank has raised Rs1,500 crore in Basel III-Compliant Additional Tier 1 (AT1) bonds Series II, at a coupon rate of 8.05% per annum.
The issue received overwhelming response from investors, with bids for more than Rs 4,699 crore against a base issue size of Rs 500 crore. Based on the response, the Bank has decided to accept Rs 1,500 crore at a coupon rate of 8.05% per annum.
The AT1 instrument is perpetual in nature. However, it can be called back by the issuer after five years or any anniversary date thereafter.
The Bank’s AT1 bonds are rated AA+ by CRISIL and India Ratings & Research Ltd.
This is the Second AT1 bond issuance of the Bank post the new SEBI regulations, During October 2021 bank has raised Basel III Compliant Additional Tier I bonds of Rs 1500 Crore.
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