India’s Punjab & Sind Bank seeks Rs. 5 billion in tier II bonds

By Tanya Meyer

Chicago, Jan. 14 – Punjab & Sind Bank proposed to issue Rs. 5 billion in Basel III compliant tier II bonds, according to a filing with the Bombay Stock Exchange.

If approved by the bank’s board of directors, the bonds will be issued on a private placement basis.

The bank received preliminary ratings of CRISIL AA/Stable by CRISIL Ratings and CARE AA by CARE Ratings for the proposed issue.

Punjab & Sind is a New Delhi, India-based government-owned bank.

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