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State Bank of Travancore allots Basel III-compliant Tier 2 bonds

State Bank ofTravancore said March 31 that it allotted Basel III-compliant Tier2 bonds of 5.15 billion Indian rupees on private placement basis.

The 10-year bonds carry a face value of 1 million rupeeseach, with an annual coupon rate of 8.45% and a call option after five years.

As of March 31, US$1was equivalent to 66.16 Indian rupees.