India’s Punjab National Bank offers Rs. 15 billion of 8.95% perpetuals

By Wendy Van Sickle

Columbus, Ohio, March 3 – Punjab National Bank conducted a private placement of up to Rs. 15 billion of 8.95% unsecured subordinated perpetual bonds, according to a Bombay Stock Exchange notice.

The offering for the Basel III-compliant tier I capital bonds was set to open and close on Friday. The bonds will be callable at par on any semiannual coupon date after five years.

The bonds will be listed on the Wholesale Debt Market segment of BSE Ltd.

The securities are rated AA+ by India Ratings & Research Pvt. Ltd. and AA+ by Brickwork Ratings.

Proceeds will be used for general corporate purposes.

New Delhi-based Punjab National Bank is a public-sector commercial bank.

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