Syndicate Bank raises $500.00 Mio through MTN issue

Syndicate Bank has raised $500.00 Mio, the second and final tranche under the bank’s MTN programme of $1000 Mio. The $500.00 Mio senior notes was raised for funding of overseas operation of bank’s London Branch.

The issue date of the security is October 12, 2012 and maturity date is April 12, 2018. The tenor of the note is 5.5 years. The interest rate if 4.125% fixed per annum payable semi-annually in arrear.

Syndicate Bank (SB) is a Manipal-based public sector bank which was established in 1925. As on March 31, 2012, GOI holds a majority stake [66.17%] in the bank.