India's Canara Bank plans to sell Rs. 5 billion of 15-year tier II bonds

By Reshmi Basu

New York, Sept. 13 - Canara Bank plans to sell Rs. 5 billion of 15-year upper tier II subordinated bonds on Friday.

The bonds will bear a coupon of 9% and will be non-callable for 10 years. If not called, the coupon will step up by 50 basis points to 9½%.

Proceeds will be used to augment capital resources.

The bank is based in New Delhi, India.

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