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Syndicate Bank issues 9.3B rupees of Basel III bonds

Syndicate BankLtd. issued 9.30 billion rupees of Basel III-compliant perpetualdebt instruments.

The bank said July 15 that the bonds were priced with a fixed-ratecoupon of 11.25%. The issue opened July 14 and closed the same day.

The issue amount was initially set for 5 billion rupees butthe bank elected to exercise the green-shoe option to bring the total amount to9.30 billion rupees.

As of July 14, US$1was equivalent to 66.87 Indian rupees.