India New Issue-Canara Bank accepts bids for perpetual bonds, bankers say

Canara Bank

27/08/2024 09:04

MUMBAI, Aug 27 (Reuters) - India's Canara Bank  CNBK.NS  has accepted bids aggregating
to 30 billion rupees ($357.5 million) for its additional tier-I perpetual bonds, three merchant
bankers said on Tuesday.
    The state-run lender had invited coupon and commitment bids from bankers and investors
earlier in the day. 
    The bonds have a call option at end of 10 years. In February, Canara Bank raised 20 billion
rupees via a perpetual bond issue at an 8.40% coupon.
    
 
   Here is the list of deals reported so far on Aug. 27: 
                                                                              
 Issuer             Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                                 bln rupees)*    date         
                                                                              
 Canara Bank        perpetual     8.27           30              Aug 27       AA+ (Crisil,
                                                                              Icra)
             HPCL   5 years       7.22           25              Aug 27       AAA (Crisil,
                                                                              India Ratings
             LIC    3 year and 6  To be decided  5+15            Aug 28       AAA (Crisil,
 Housing Finance    months                                                    Careedge)
                                                                              
 LIC Housing        10 years      To be decided  11+25           Aug 28       AAA (Crisil,
 Finance                                                                      Careedge)
             Bajaj   4 years and  To be decided            5+25  Aug 28       AAA (Crisil)
 Finance               11 months                                              
 July 2029 reissue                                                            
                                                                              
 
   * Size includes base plus greenshoe for some issues





($1 = 83.9110 Indian rupees)

 (Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Sonia Cheema)
 ((Bhakti.Tambe@thomsonreuters.com))