India’s Oriental Bank plans up to Rs. 10 billion of tier 1 bonds

By Sarah Lizee

Olympia, Wash., Aug. 22 – Oriental Bank of Commerce intends to sell up to Rs. 10 billion Basel III compliant additional tier 1 bonds in a private placement, according to a notice filed with the Bombay Stock Exchange.

The offering will be Rs. 5 billion in size with an oversubscription option for up to Rs. 5 billion more.

The issue is rated A (hyb) with a negative outlook by ICRA and A with negative outlook by CARE.

The state-run bank is located in New Delhi.

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