Business Economy


Canara Bank raises USD 300 million

Kochi, Sep 5 (UNI) Canara Bank, acting through its IFSC Banking Unit, has announced that it has successfully priced USD 300 million 5-year bonds issued off its USD 3 billion MTN Programme.
Proceeds of the bonds will be applied by the Issuer’s IFSC/GIFT Banking Unit towards the general corporate purposes of the Issuer's IFSC/GIFT Banking Unit or any other offshore branch of the Issuer, to meet the funding requirements, and to develop and expand the Issuer’s businesses in the Issuer’s IFSC Banking Unit or any other offshore branch of the Issuer.
This is Canara Bank’s return to the international bond market after a break of 5 years. The last benchmark sized bond was priced at T+170 bps in 2019, which matured on 28 March 2024.
The new 5-year benchmark is priced at T+125 bps and has a semi-annual coupon of 4.896% per annum and a maturity date of 11 September 2029.
The transaction saw an oversubscription of more than 2.5 times with active participation from quality accounts.
Commenting on the occasion, K. Satyanarayana Raju, MD & CEO, Canara Bank, said, “We are delighted on the successful launch and pricing of this transaction, which enabled us to achieve a 30-bps tightening from the initial price guidance to final price guidance. The issuance was widely subscribed by investors across Asia, the Middle East, and Europe, demonstrating strong confidence in the Canara Bank’s credit. This achievement underscores the trust and confidence that investors have placed in our institution.”
Canara Bank conducted a 2-day physical roadshow in Singapore and Hong Kong covering fixed income investors across Asia and a virtual roadshow for investors in EMEA.
The transaction evidences strong demand and confidence from global investors towards Canara Bank’s credit.
Over 72 investors participated in the transaction, with Asian investors taking up 73% of the deal and European investors being 27%.
Over 41% of the deal was taken up by fund managers and insurance companies. With a peak orderbook of USD 1.2 billion, the deal tightened 30.0bps from initial price to final price. The deal marks the lowest coupon of any benchmark size USD bond issuance from India in 2024YTD and marks the tightest spread ever achieved by Canara Bank for a benchmark sized dollar issuance.
BNP Paribas, DBS Bank Ltd and MUFG are the joint bookrunners and joint lead managers for the issue.
UNI DS ARN
More News

Bank of Baroda adds a new feather in its cap winning National MSME Impact Awards 2025

01 Jul 2025 | 5:30 PM

Kolkata, July 1 (UNI) Bank of Baroda has bagged the Gold Award under Public Sector Banks category at the “National MSME Impact Awards 2025” organised by the India SME Forum,
which is India’s largest not-for-profit organisation for Micro, Small and Medium Enterprises
(MSMEs), representing over 98,200 members (including 9,400+women entrepreneurs) .

see more..

Visakhapatnam: Adani Gangavaram Port sets a new record in handling of coastal cargo

01 Jul 2025 | 5:20 PM

Visakhapatnam (Andhra Pradesh), July 1 (UNI) Adani Gangavaram Port on Tuesday said it has set a new record in handling of coastal cargo by loading 61,317 MTs within 24 hours in MV Star Nasia for TANGEDCO.

see more..

Kottayam-Kochi Rubber Market Rates

01 Jul 2025 | 4:19 PM

Kottayam, July 1 (UNI) Following were the Rubber Market rates announced by the Rubber Board
here today per quintal
KOTTAYAM
RSS FOUR: 20100
RSS FIVE : 19800
ISNR TWENTY: 18000
SIXTY PERCENT LATEX: 14265
KOCHI
RSS FOUR : 20100
RSS FIVE : 19800
INTERNATIONAL RATES (BANGKOK)
RSS One : 19788
RSS Two : 19631
RSS Three: 19486
RSS Four : 19407
RSS Five : 19289
KUALALUMPUR
SMR TWENTY : 14598 ($170.65)
SIXTY PERCENT LATEX : 12096($141.40)
UNI PA BM.

see more..
Rs 580 cr tax evasion detected in Kerala in year 2024-25

Rs 580 cr tax evasion detected in Kerala in year 2024-25

01 Jul 2025 | 1:36 PM

Thiruvananthapuram, July 1 (UNI) The Thiruvananthapuram GST Zone has achieved significant milestones in revenue growth and detection in tax evasion. The enforcement and audit wings detected tax evasion worth Rs 580 crore in 2024-25, showcasing the zone's efforts in ensuring compliance.

see more..

Michelin India launches services store

01 Jul 2025 | 1:08 AM

Vijayawada, June 30 (UNI) Michelin, the world’s leading tyre technology company, has launched their first Tyres Services store in Vijayawada in partnership with Sanghvi Car Shoppe.

see more..