Canara Bank to raise about $300 mn via overseas bonds

Public sector lender Canara Bank plans to raise about $300 million through bonds under Medium Term Notes (MTNs) mostly for refinancing business and buffer to repay bonds maturing in near future.

Banking sources said this is follow-on fundraising after it raised $400 million in August. The size and pricing for the tap bond issuance is yet to be finalised and would depend on market response.  

Rating agency Moody's in a statement said Canara Bank's proposed senior unsecured tap bond issuance under $2 billion MTN program is being carried out from its London branch.

The issuance has no impact on