Canara Bank announces bond issuance worth $400 million through London branch

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State owned Canara Bank announced a bond issuance programme through its London based branch to raise 2,750 crore or $400 million.

“Canara Bank launched a issuance of 5-year senior unsecured bonds (Medium Term Notes) to the extent of $ 400 million under Medium Term Note (MTN) programme, through its London branch on 21st March 2019 value date 28th March 2019,” lender send in a regulatory filing. The bond will be listed on the Singapore Stock Exchange.

The mature date for the issued bond is 28 March, 2024. The raised capital will be used in deploying long term assets by the lender’s foreign branches. It also said the bonds are priced at 5-year US Treasury plus 170 basis points carrying a coupon of 3.875% fixed payable half yearly.

On Friday, shares of Canara Bank closed 1.63% down at 271.70 on the BSE.

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