By Wendy Van Sickle
Columbus, Ohio, March 16 – Corporation Bank is issuing Rs. 5 billion of additional 10.28% tier 1 unsecured, subordinated, perpetual bonds, series II, according to a Bombay Stock Exchange notice.
The Basel III-compliant bonds, being issued by private placement at par of Rs. 1 million, may be called annually after five years.
The issue opens and closes on Thursday.
The bonds are rated A/negative by Crisil and A+/stable by India Ratings and Research Pvt. Ltd.
The government-controlled investment and retail bank is based in Pandeshwar, India.
| Issuer: | Corporation Bank
|
| Issue: | Tier 1 unsecured, subordinated, perpetual bonds, series II
|
| Amount: | Rs. 5 billion
|
| Maturity: | Perpetual
|
| Coupon: | 10.28%
|
| Price: | Par of Rs. 1 million
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| Yield: | 10.28%
|
| Call: | After five years
|
| Settlement date: | March 24
|
| Ratings: | Crisil: A+/stable
|
| India Ratings and Research: A+/stable
|
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