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Canara Bank raises up to US$400M in senior bonds

Canara Bank is raising up to US$400 million by issuing senior unsecured bonds through its London branch.

The bonds were priced at five-year U.S. Treasury plus 170 basis points with a coupon of 3.875%. The bonds will mature March 28, 2024.

Proceeds from the issue will be used for deploying long-term assets by the bank's overseas branches.