Canara Bank to issue perpetual bonds - bankers
India's Canara Bank 
CANBK plans to raise at least 10 billion rupees ($119.98 million) through the issuance of Basel III compliant additional Tier I perpetual bonds, three merchant bankers said on Tuesday.
The state-run lender has invited bids from bankers and investors for the issue on Thursday, they said.
Earlier this month, Reuters reported that the bank plans to raise funds via this route and this would be the first such issue by the lender in more than a year.
Canara Bank last raised 20 billion rupees in September 2022 through additional Tier I perpetual bonds at a 7.99% coupon.
The lender had also raised 100 billion rupees through two issuances of infrastructure bonds maturing in 10 years in September and November this year.
Here is the list of deals reported so far on Dec. 5
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | perpetual | To be decided | 10 + 25 | Dec. 7 | AA+ (India Ratings, ICRA) |
Muthoot Finance | 3 yr | 8.85 | 10 | Dec. 6 | AA+ (Crisil, Icra) |
IIFCL | 15 yr | To be decided | 2 + 8 | Dec. 6 | AAA (Icra, India Ratings) |
Tata Capital Financial Services | 10 yr | To be decided | 25 | Dec. 6 | AAA (Icra) |
Annapurna Finance | 5 yr and 9 mnts | 12.25 | 1 | Dec. 6 | A- (Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.3440 Indian rupees)