Bank raises ₹1,500 crore from investorsCanara Bank has raised ₹1,500 crore in Basel III-compliant Additional Tier 1 (AT1) bonds at a coupon rate of 8.40% per annum. The issue received overwhelming response from investors, with bids for more than ₹3,400 crore against a base issue size of ₹500 crore. Based on the response, the bank has decided to accept ₹1,500 crore at a coupon rate of 8.40% per annum, according to a statement from the bank on October 25. However, it can also be called back by the issuer after five years or any anniversary date thereafter, as per a Canara Bank communique. The bank’s AT1 bonds have been rated AA+ by CRISIL and AA by India Ratings & Research.

Source: The Hindu October 25, 2021 15:54 UTC