Canara Bank has raised Rs 2000 crore in Basel III Tier II, Series I bonds, at a
coupon rate of 7.48% per annum.
The issue received overwhelming response from investors, with bids for more than Rs 8,930 crore
against a base issue size of Rs 1000 crore and green shoe option of Rs. 1000 crore.
The said Tier II bonds have maturity of ten years. However, it can be called back by the issuer after fifth
anniversary from the deemed date of allotment or any anniversary date thereafter.
The Bank’s Tier II bonds are rated AAA by ICRA Limited and India Ratings & Research Ltd.
This is the first series of Tier II bond issuance of the Bank for the financial year 2022-23. During FY 2022 –
23, Bank has also raised Basel III Compliant Additional Tier I bonds of Rs. 2,000 crore .