India New Issue-Indian Overseas Bank sets 9% coupon for 10-year Tier II bonds - bankers

Indian Overseas Bank

23/03/2023 07:40

MUMBAI, March 23 (Reuters) - Indian Overseas Bank
 IOBK.NS  has set 9.00% coupon for Basel III complaint Tier II
bonds maturing in 10 years, two merchant bankers said on
Thursday. 
    The state-run bank had invited coupon and commitment bids
from bankers and investors for the issue earlier in the day and
has accepted bids worth 10 billion Indian rupees ($121.71
million), they said.
    The notes are rated AA- by ICRA and Care Ratings, and will
be settled on Friday.
    The issue has a call option at end of five years.

($1 = 82.1650 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe
Editing by)
 ((Dharamraj.dhutia@tr.com))