Key Quantitative Figures
- Issue size: US$ 200,000,000
- Coupon rate: 4.896% per annum
- Total existing series: US$ 300,000,000 (to be consolidated with new issuance)
- Program size: US$ 3 billion medium term note programme
Parties Involved
- Issuer: Canara Bank through its IFSC Banking Unit
- Rating agencies: Moody's (Baa3) and Fitch (BBB-)
- Listing exchanges: Singapore Exchange Securities Trading Limited and India International Exchange (IFSC) Limited
- Regulatory authorities: BSE Limited and National Stock Exchange of India Limited
Purpose and Use of Proceeds
The net proceeds from the issue of the Notes will be applied by the Bank's IFSC Banking Unit towards:
- General corporate purposes of Bank's IFSC Banking Unit or any other offshore branch of the Bank
- Meeting the funding requirements of the Bank's IFSC Banking Unit or any other offshore branch of the Bank
- Developing and expanding the Bank's businesses in the Bank's IFSC Banking Unit or any other offshore branch of the Bank
Specifically noted: These net proceeds are not intended to be repatriated to India or earn any income in India.
Instrument Details
- Type: USD denominated senior unsecured notes
- Ranking: Senior Unsecured
- Security: Unsecured (no charge or security created over assets)
- Special rights/privileges: Not applicable
- Redemption: On Date of Maturity
Financial Impact
The tap issuance represents additional fundraising of US$ 200 million that will be consolidated with the existing US$ 300 million series, creating a single series of US$ 500 million senior unsecured notes due 2029.