By Reshmi Basu
New York, Nov. 1 - State Bank of Travancore raised Rs. 2 billion of unsecured non-convertible subordinated bonds via private placement, according to a statement filed by one of deal's lead arrangers, AK Capital Services Ltd.
The perpetual bonds priced with coupon of 9.34%.
Additionally, the bonds will be non-callable for 10 years. If the bonds are not called, the coupon steps up to 9.84%.
The bank is based in Trivandrum, India.
| Issuer: | State Bank of Travancore
|
| Amount: | Rs. 2 billion
|
| Issue: | Unsecured non-convertible subordinated bonds
|
| Maturity: | Perpetual
|
| Coupon: | 9.34%
|
| Call option: | Non-callable for 10 years; if not called, coupon steps up to 9.84%
|
| Lead arranger: | AK Capital Services Ltd.
|
| Distribution: | Private placement
|
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