Yes Bank, Canara Bank raise Rs 1,500 crore each via bonds

State-run Canara Bank and private lender Yes Bank today announced raising Rs 1,500 crore each by issuing Basel III compliant tier-II bonds.
"Bank has successfully raised Rs 1,500 crore of Basel III compliant tier-II bonds. The issue was closed on December 31, 2015," Yes Bank said in a regulatory filing.
Canara Bank in a filing said the Bond Committee has decided to raise Basel III compliant tier-II bonds amounting to Rs 1,500 crore by way of private placement.
"Accordingly, the Bank has successfully raised Rs 1,500 crore under BASEL-III compliant Tier-II Bonds on December 31, 2015 with a coupon of 8.40 per cent per annum," Canara Bank said in the filing.

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Private lender Axis Bank also announced its Marginal Cost of funds-based Lending Rate ranging from 9.10 per cent to 9.65 per cent.

The bank has set its overnight lending rate at 9.10 per cent, while the three-year loans will be available for 9.65 per cent, it said in a statement.
Its base rate or the minimum rate of lending for long term loans stands at 9.5 per cent.
"The MCLR is expected to ensure more effective transmission of changes in monetary policy rates for new borrowings," Axis Bank President (corporate relationships, transactions and treasury) Sidharth Rath said.