CANBK
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SBI, Canara Bank boost India PSU banking index
** Indian PSU banks .NIFTYPSU rise 1.1%
** Rise led by State Bank of India SBI.NS, which is up 2%, after CLSA identifies it among its top picks in large-cap lending space
** CLSA says that SBI, India's largest lender by assets, could reach $100 billion market cap within a year
** Canara Bank CNBK.NS rises about 2% after unit Canara Robeco Asset Management files updated DRHP with SEBI for an initial public offering
** CNBK set to gain for third consecutive session
** YTD, the sub-index is up 14%, CNBK climbs about 21% while SBI rises 9.7%
(Reporting by Urvi Dugar)
** Indian PSU banks .NIFTYPSU rise 1.1%
** Rise led by State Bank of India SBI.NS, which is up 2%, after CLSA identifies it among its top picks in large-cap lending space
** CLSA says that SBI, India's largest lender by assets, could reach $100 billion market cap within a year
** Canara Bank CNBK.NS rises about 2% after unit Canara Robeco Asset Management files updated DRHP with SEBI for an initial public offering
** CNBK set to gain for third consecutive session
** YTD, the sub-index is up 14%, CNBK climbs about 21% while SBI rises 9.7%
(Reporting by Urvi Dugar)
FUNDVIEW-India rate cuts done; 2-7 year, 10-year govt bonds appealing, says Canara Robeco AMC exec
By Shubham Batra and Dharamraj Dhutia
MUMBAI, Aug 7 (Reuters) - India's Canara Robeco Asset Management Company CANE.NS sees value in two-year to seven-year government bonds and the liquid 10-year paper as levels are attractive, with a base case that the central bank's rate easing cycle is over, an official said on Thursday.
"The short-to-medium term on the government bond yield curve looks fine. So the two-year to seven-year and probably the 10-year as well, since it is the benchmark and most liquid," Avnish Jain, head of fixed income at the fund house, told Reuters' Trading India forum.
The fund house, which manages over 103 billion rupees ($1.17 billion) in debt assets, believes the 10-year benchmark bond yield IN063335G=CC, currently at 6.40%, could test 6.50% in the current financial year.
The Reserve Bank of India maintained status quo on rates on Wednesday, but kept its growth forecast unchanged, while assuming that inflation will rise above its 4% target later in the year.
This led to a large selloff in bonds, as many traders were positioned for a cut or at least dovish commentary, while several analysts changed their calls to the end of the rate-easing cycle.
The RBI is looking at one-year forward inflation, which pushed them to maintain the policy stance and keep interest rates unchanged, said Jain.
"The base case is that rate easing is done, and we would likely see a long pause. I think 5.50% looks like a terminal rate, with the possibility of (one more) 25-bp cut, if growth dips too much," he said.
"I think probably a growth shock would nudge the RBI to cut rates further."
He also finds two-year to four-year corporate bonds attractive, as the spread over government securities is decent, and they may provide better returns.
"I think in the short-to-medium-term perspective, short- to mid-duration (papers) should work better. Corporate bond heavy funds may give better risk-return reward, while government bonds may trade sideways."
($1 = 87.6840 Indian rupees)
(Reporting by Shubham Batra and Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
By Shubham Batra and Dharamraj Dhutia
MUMBAI, Aug 7 (Reuters) - India's Canara Robeco Asset Management Company CANE.NS sees value in two-year to seven-year government bonds and the liquid 10-year paper as levels are attractive, with a base case that the central bank's rate easing cycle is over, an official said on Thursday.
"The short-to-medium term on the government bond yield curve looks fine. So the two-year to seven-year and probably the 10-year as well, since it is the benchmark and most liquid," Avnish Jain, head of fixed income at the fund house, told Reuters' Trading India forum.
The fund house, which manages over 103 billion rupees ($1.17 billion) in debt assets, believes the 10-year benchmark bond yield IN063335G=CC, currently at 6.40%, could test 6.50% in the current financial year.
The Reserve Bank of India maintained status quo on rates on Wednesday, but kept its growth forecast unchanged, while assuming that inflation will rise above its 4% target later in the year.
This led to a large selloff in bonds, as many traders were positioned for a cut or at least dovish commentary, while several analysts changed their calls to the end of the rate-easing cycle.
The RBI is looking at one-year forward inflation, which pushed them to maintain the policy stance and keep interest rates unchanged, said Jain.
"The base case is that rate easing is done, and we would likely see a long pause. I think 5.50% looks like a terminal rate, with the possibility of (one more) 25-bp cut, if growth dips too much," he said.
"I think probably a growth shock would nudge the RBI to cut rates further."
He also finds two-year to four-year corporate bonds attractive, as the spread over government securities is decent, and they may provide better returns.
"I think in the short-to-medium-term perspective, short- to mid-duration (papers) should work better. Corporate bond heavy funds may give better risk-return reward, while government bonds may trade sideways."
($1 = 87.6840 Indian rupees)
(Reporting by Shubham Batra and Dharamraj Dhutia; Editing by Janane Venkatraman)
(([email protected];))
India's Canara Bank flat as brokerages flag margin pressure, mixed outlook
** Shares of Canara Bank CNBK.NS rise 0.3% to 133.8 rupees, after jumping nearly 4% after results on Thursday
** Morgan Stanley maintains "underweight" rating; raises TP to 95 rupees from 90 rupees, implying ~16.3% downside from last close
** Says core operating profit was below expectations due to lower interest income and higher costs
** Investec Bank maintains "hold" rating; raises TP to 110 rupees from 105 rupees, implying ~3.1% downside
** Expects 10–11% loan growth over FY26–27e, RoA at 0.9%; raises FY26e EPS by 5% on stronger treasury gains and recoveries
** CNBK rated "buy" by 16 analysts on average; median target price is 115 rupees – data compiled by LSEG
** Stock up 13.7% YTD
(Reporting by Rudra Pratap Singh in Bengaluru)
** Shares of Canara Bank CNBK.NS rise 0.3% to 133.8 rupees, after jumping nearly 4% after results on Thursday
** Morgan Stanley maintains "underweight" rating; raises TP to 95 rupees from 90 rupees, implying ~16.3% downside from last close
** Says core operating profit was below expectations due to lower interest income and higher costs
** Investec Bank maintains "hold" rating; raises TP to 110 rupees from 105 rupees, implying ~3.1% downside
** Expects 10–11% loan growth over FY26–27e, RoA at 0.9%; raises FY26e EPS by 5% on stronger treasury gains and recoveries
** CNBK rated "buy" by 16 analysts on average; median target price is 115 rupees – data compiled by LSEG
** Stock up 13.7% YTD
(Reporting by Rudra Pratap Singh in Bengaluru)
India's Canara Bank rises on higher profit, better asset quality in Q1
** India's Canara Bank CNBK.NS jumps ~4% to 112.24 rupees, on course for biggest daily pct rise in four months
** Stock rises after Q1 earnings announcement, was down 0.2% ahead of the news
** Lender posts higher profit and interest income compared to last year
** Asset quality improves; net non-performing assets down to 0.63% from 0.7% a quarter ago and 1.24% a year ago
** YTD, CNBK up 12.1%
(Reporting by Vivek Kumar M)
(([email protected];))
** India's Canara Bank CNBK.NS jumps ~4% to 112.24 rupees, on course for biggest daily pct rise in four months
** Stock rises after Q1 earnings announcement, was down 0.2% ahead of the news
** Lender posts higher profit and interest income compared to last year
** Asset quality improves; net non-performing assets down to 0.63% from 0.7% a quarter ago and 1.24% a year ago
** YTD, CNBK up 12.1%
(Reporting by Vivek Kumar M)
(([email protected];))
Canara Bank Approves Capital Raising Plan Up To 95 Bln Rupees
June 12 (Reuters) - Canara Bank Ltd CNBK.NS:
APPROVES CAPITAL RAISING PLAN UP TO 95 BILLION RUPEES
TO RAISE 60 BILLION RUPEES VIA TIER II BONDS
TO RAISE 35 BILLION RUPEES VIA ADDITIONAL TIER I BONDS
TO RAISE CAPITAL THROUGH BASEL III COMPLIANT ADDITIONAL TIER I BONDS WORTH 35 BLN RUPEES
Source text: ID:nBSE6N7G6b
Further company coverage: CNBK.NS
(([email protected];;))
June 12 (Reuters) - Canara Bank Ltd CNBK.NS:
APPROVES CAPITAL RAISING PLAN UP TO 95 BILLION RUPEES
TO RAISE 60 BILLION RUPEES VIA TIER II BONDS
TO RAISE 35 BILLION RUPEES VIA ADDITIONAL TIER I BONDS
TO RAISE CAPITAL THROUGH BASEL III COMPLIANT ADDITIONAL TIER I BONDS WORTH 35 BLN RUPEES
Source text: ID:nBSE6N7G6b
Further company coverage: CNBK.NS
(([email protected];;))
Canara Bank To Consider And Approve Capital Raising Plan Of Bank For FY 2025-26
June 5 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - TO CONSIDER AND APPROVE CAPITAL RAISING PLAN OF BANK FOR FY 2025-26
Source text: ID:nBSE4JTg7L
Further company coverage: CNBK.NS
(([email protected];))
June 5 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - TO CONSIDER AND APPROVE CAPITAL RAISING PLAN OF BANK FOR FY 2025-26
Source text: ID:nBSE4JTg7L
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank- To Consider And Approve Capital Raising Plan Of Bank For FY 2025-26
May 30 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK- TO CONSIDER AND APPROVE CAPITAL RAISING PLAN OF BANK FOR FY 2025-26
Source text: ID:nBSE26hM3M
Further company coverage: CNBK.NS
(([email protected];))
May 30 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK- TO CONSIDER AND APPROVE CAPITAL RAISING PLAN OF BANK FOR FY 2025-26
Source text: ID:nBSE26hM3M
Further company coverage: CNBK.NS
(([email protected];))
India's Canara Bank gains after Q4 profit tops view
** Shares of Canara Bank CNBK.NS rise 3.5% to 96.95 rupees
** Bank's Q4 profit rose 33.1% Y/Y to 50.03 bln rupees ($588.4 mln), beats analysts' estimates of 41.04 bln rupees
** Q4 gross NPA improves to 2.94% from 3.34% in Q3
** CNBK down ~3% YTD
($1 = 85.0290 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
** Shares of Canara Bank CNBK.NS rise 3.5% to 96.95 rupees
** Bank's Q4 profit rose 33.1% Y/Y to 50.03 bln rupees ($588.4 mln), beats analysts' estimates of 41.04 bln rupees
** Q4 gross NPA improves to 2.94% from 3.34% in Q3
** CNBK down ~3% YTD
($1 = 85.0290 Indian rupees)
(Reporting by Vijay Malkar)
(([email protected];))
India's Canara Robeco Asset Management files for IPO
Updates with details throughout
April 25 (Reuters) - India's Canara Robeco Asset Management Company has filed for an initial public offering, draft papers showed on Friday, with its existing shareholders looking to sell stakes at a time when the IPO market is slowing.
Canara Robeco is a joint venture between India's state-owned Canara Bank CNBK.NS and Netherlands-headquartered ORIX Corporation Europe, which is a unit of Japan's ORIX Corporation 8591.T.
The firm, which manages more than 1 trillion rupees ($11.7 billion) in assets, will not issue fresh shares in the IPO, but the two owners will sell a combined 49.8 million shares.
Canara Bank will reduce its stake in the asset manager by 13% by selling 25.92 million shares via the listing. ORIX will sell 23.93 million shares.
The asset manager did not detail the size or timing of the IPO.
The listing is set to come at a time when rising global market volatility, driven by U.S. tariff flip-flops, is forcing companies to recalibrate IPO ambitions to avoid weak demand or failed listings.
India was the world's second-largest market by IPO proceeds in 2024 but listings are down close to 15% this year, data compiled by LSEG showed.
Canara Robeco competes with other major asset managers such as HDFC Asset Management Company HDFA.NS, Nippon Life India Asset Management NIPF.NS and UTI Asset Management Company UTIA.NS.
Its profit for the fiscal year ended March 2024 was 91% higher than a year ago, the draft prospectus showed, while revenue from operations was 55.4% higher.
In a country where physical assets still dominate financial savings, investments in mutual funds are on the rise, in tandem with greater financial awareness.
Mutual funds, as a portion of household financial savings, grew from 2% to around 7% between fiscal years 2021 and 2024, with investment value more than doubling to 2.4 trillion rupees, the prospectus showed, citing data from India's central bank and Crisil Intelligence.
($1 = 85.3680 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
Updates with details throughout
April 25 (Reuters) - India's Canara Robeco Asset Management Company has filed for an initial public offering, draft papers showed on Friday, with its existing shareholders looking to sell stakes at a time when the IPO market is slowing.
Canara Robeco is a joint venture between India's state-owned Canara Bank CNBK.NS and Netherlands-headquartered ORIX Corporation Europe, which is a unit of Japan's ORIX Corporation 8591.T.
The firm, which manages more than 1 trillion rupees ($11.7 billion) in assets, will not issue fresh shares in the IPO, but the two owners will sell a combined 49.8 million shares.
Canara Bank will reduce its stake in the asset manager by 13% by selling 25.92 million shares via the listing. ORIX will sell 23.93 million shares.
The asset manager did not detail the size or timing of the IPO.
The listing is set to come at a time when rising global market volatility, driven by U.S. tariff flip-flops, is forcing companies to recalibrate IPO ambitions to avoid weak demand or failed listings.
India was the world's second-largest market by IPO proceeds in 2024 but listings are down close to 15% this year, data compiled by LSEG showed.
Canara Robeco competes with other major asset managers such as HDFC Asset Management Company HDFA.NS, Nippon Life India Asset Management NIPF.NS and UTI Asset Management Company UTIA.NS.
Its profit for the fiscal year ended March 2024 was 91% higher than a year ago, the draft prospectus showed, while revenue from operations was 55.4% higher.
In a country where physical assets still dominate financial savings, investments in mutual funds are on the rise, in tandem with greater financial awareness.
Mutual funds, as a portion of household financial savings, grew from 2% to around 7% between fiscal years 2021 and 2024, with investment value more than doubling to 2.4 trillion rupees, the prospectus showed, citing data from India's central bank and Crisil Intelligence.
($1 = 85.3680 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected];))
Canara Bank Says Amit Mittal Appointed As Group CFO
April 11 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK LTD - AMIT MITTAL APPOINTED AS GROUP CHIEF FINANCIAL OFFICER
Source text: ID:nBSE5S2Js6
Further company coverage: CNBK.NS
(([email protected];))
April 11 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK LTD - AMIT MITTAL APPOINTED AS GROUP CHIEF FINANCIAL OFFICER
Source text: ID:nBSE5S2Js6
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank - Raised 40 Billion Rupees Via Tier II Bonds
March 18 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - 532483 - ISSUE OF TIER II BONDS
CANARA BANK- RAISED 40 BILLION RUPEES VIA TIER II BONDS
Source text: ID:nBSEKyK9r
Further company coverage: CNBK.NS
(([email protected];))
March 18 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - 532483 - ISSUE OF TIER II BONDS
CANARA BANK- RAISED 40 BILLION RUPEES VIA TIER II BONDS
Source text: ID:nBSEKyK9r
Further company coverage: CNBK.NS
(([email protected];))
India New Issue-Canara Bank accepts bids for Tier II bonds, bankers say
MUMBAI, March 17 (Reuters) - India's Canara Bank CNBK.NS has accepted bids worth 40 billion rupees ($460.8 million) for Basel III compliant Tier II bonds maturing in 10 years, three bankers said on Monday.
It will pay an annual coupon of 7.46%, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 7.46% | 40 | March 17 | AAA (Crisil, Care) |
NABARD | 3 years and 6 months | To be decided | 20+50 | March 19 | AAA (Crisil, India rating) |
REC | 3 years | 7.44 | 30 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | 7.32 | 27.80 | March 17 | AAA (Crisil, Icra, Care) |
Can Fin Homes | 2 years and 2 months | 8.20 | 15.1 | March 17 | AAA (Icra) |
NIIF | 7 years and 2 months | To be decided | 2+5.5 | March 18 | AAA (Care, Icra |
Tata Capital Oct 2027 reissue | 2 years and 7 months | To be decided | 2.50+7.50 | March 18 | AAA (Crisil, Icra) |
Tata Capital | 3 years and 7 months | To be decided | 1+5 | March 18 | AAA (Crisil, Icra) |
Muthoot Finance | 3 years | To be decided | 6+9 | March 17 | AA+ (Crisil) |
Hinduja Leyland Finance | 10 years | To be decided | 7 | March 17 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.8000 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K
Editing by)
MUMBAI, March 17 (Reuters) - India's Canara Bank CNBK.NS has accepted bids worth 40 billion rupees ($460.8 million) for Basel III compliant Tier II bonds maturing in 10 years, three bankers said on Monday.
It will pay an annual coupon of 7.46%, and had invited bids from bankers and investors earlier in the day, they said.
The company did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 17:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 7.46% | 40 | March 17 | AAA (Crisil, Care) |
NABARD | 3 years and 6 months | To be decided | 20+50 | March 19 | AAA (Crisil, India rating) |
REC | 3 years | 7.44 | 30 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | 7.32 | 27.80 | March 17 | AAA (Crisil, Icra, Care) |
Can Fin Homes | 2 years and 2 months | 8.20 | 15.1 | March 17 | AAA (Icra) |
NIIF | 7 years and 2 months | To be decided | 2+5.5 | March 18 | AAA (Care, Icra |
Tata Capital Oct 2027 reissue | 2 years and 7 months | To be decided | 2.50+7.50 | March 18 | AAA (Crisil, Icra) |
Tata Capital | 3 years and 7 months | To be decided | 1+5 | March 18 | AAA (Crisil, Icra) |
Muthoot Finance | 3 years | To be decided | 6+9 | March 17 | AA+ (Crisil) |
Hinduja Leyland Finance | 10 years | To be decided | 7 | March 17 | AA+ (Crisil) |
*Size includes base plus greenshoe for some issues
($1 = 86.8000 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Varun H K
Editing by)
India New Issue-Canara Bank to issue tier II bonds, bankers say
MUMBAI, March 12 (Reuters) - India's Canara Bank CNBK.NS plans to raise 40 billion rupees ($458 million), including a greenshoe option of 30 billion rupees, through sale of Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Wednesday.
The state-run lender has invited coupon and commitment bids from bankers and investors on Monday, they said.
The bonds have a call option at the end of five years.
The lender did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 10+30 | March 17 | AAA (Crisil, Care) | |
NTPC | 15 years | To be decided | 7+33 | March 18 | AAA (Crisil, Icra, Care) |
REC | 3 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2430 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala; Editing by Mrigank Dhaniwala)
MUMBAI, March 12 (Reuters) - India's Canara Bank CNBK.NS plans to raise 40 billion rupees ($458 million), including a greenshoe option of 30 billion rupees, through sale of Basel III compliant tier II bonds maturing in 10 years, three merchant bankers said on Wednesday.
The state-run lender has invited coupon and commitment bids from bankers and investors on Monday, they said.
The bonds have a call option at the end of five years.
The lender did not immediately reply to a Reuters email seeking comment.
Here is the list of deals reported so far on March 12
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 10+30 | March 17 | AAA (Crisil, Care) | |
NTPC | 15 years | To be decided | 7+33 | March 18 | AAA (Crisil, Icra, Care) |
REC | 3 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
REC | 10 years | To be decided | 5+25 | March 17 | AAA (Crisil, Icra, Care) |
*Size includes base plus greenshoe for some issues
($1 = 87.2430 Indian rupees)
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala; Editing by Mrigank Dhaniwala)
Canara Bank Says One Year MCLR Remains Unchanged At 9.10%
Feb 11 (Reuters) - Canara Bank Ltd CNBK.NS:
ONE YEAR MCLR REMAINS UNCHANGED AT 9.10%
Source text: ID:nBSE6zQfk
Further company coverage: CNBK.NS
(([email protected];;))
Feb 11 (Reuters) - Canara Bank Ltd CNBK.NS:
ONE YEAR MCLR REMAINS UNCHANGED AT 9.10%
Source text: ID:nBSE6zQfk
Further company coverage: CNBK.NS
(([email protected];;))
Canara Bank Q3 Net Profit 41.01 Billion Rupees
Jan 27 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK Q3 NET PROFIT 41.01 BILLION RUPEES
CANARA BANK Q3 GROSS NPA 3.34%
CANARA BANK Q3 INTEREST EARNED 303.12 BILLION RUPEES
CANARA BANK Q3 PROVISIONS AND CONTINGENCIES 23.98 BILLION RUPEES
CANARA BANK Q3 PROVISIONS FOR NPA 19.82 BILLION RUPEES
Source text: [ID:]
Further company coverage: CNBK.NS
(([email protected];))
Jan 27 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK Q3 NET PROFIT 41.01 BILLION RUPEES
CANARA BANK Q3 GROSS NPA 3.34%
CANARA BANK Q3 INTEREST EARNED 303.12 BILLION RUPEES
CANARA BANK Q3 PROVISIONS AND CONTINGENCIES 23.98 BILLION RUPEES
CANARA BANK Q3 PROVISIONS FOR NPA 19.82 BILLION RUPEES
Source text: [ID:]
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank Says One Year MCLR Revised To 9.10% Effective Dec 12
Dec 10 (Reuters) - Canara Bank Ltd CNBK.NS:
ONE YEAR MCLR REVISED TO 9.10% EFFECTIVE DEC 12
Source text: [ID:]
Further company coverage: CNBK.NS
(([email protected];;))
Dec 10 (Reuters) - Canara Bank Ltd CNBK.NS:
ONE YEAR MCLR REVISED TO 9.10% EFFECTIVE DEC 12
Source text: [ID:]
Further company coverage: CNBK.NS
(([email protected];;))
Canara Bank Gets RBI Approval For Divesting Stake In Canara Robeco Asset Management, Canara HSBC Life Insurance
Dec 5 (Reuters) - Canara Bank Ltd CNBK.NS:
RBI ACCORDED APPROVAL FOR DIVESTING STAKE IN CANARA ROBECO ASSET MANAGEMENT
RBI ACCORDED APPROVAL FOR DIVESTING STAKE IN CANARA HSBC LIFE INSURANCE
DIVESTING STAKE IN CANARA ROBECO AMC, CANARA HSBC LIFE INSURANCE VIA IPO
RBI APPROVAL TO DIVEST 13% STAKE OF CO IN CANARA ROBECO ASSET MANAGEMENT
RBI SAYS BANK SHOULD ADHERE TO OCTOBER 31, 2029 TIMELINE FOR BRINGING STAKE UP TO 30%
RBI APPROVAL TO DIVEST 14.5% STAKE OF CO IN CANARA HSBC LIFE INSURANCE
POST RBI APPROVAL, CO WILL INITIATE PROCESS OF IPO
Source text: ID:nNSE1DqBVY
Further company coverage: CNBK.NS
(([email protected];))
Dec 5 (Reuters) - Canara Bank Ltd CNBK.NS:
RBI ACCORDED APPROVAL FOR DIVESTING STAKE IN CANARA ROBECO ASSET MANAGEMENT
RBI ACCORDED APPROVAL FOR DIVESTING STAKE IN CANARA HSBC LIFE INSURANCE
DIVESTING STAKE IN CANARA ROBECO AMC, CANARA HSBC LIFE INSURANCE VIA IPO
RBI APPROVAL TO DIVEST 13% STAKE OF CO IN CANARA ROBECO ASSET MANAGEMENT
RBI SAYS BANK SHOULD ADHERE TO OCTOBER 31, 2029 TIMELINE FOR BRINGING STAKE UP TO 30%
RBI APPROVAL TO DIVEST 14.5% STAKE OF CO IN CANARA HSBC LIFE INSURANCE
POST RBI APPROVAL, CO WILL INITIATE PROCESS OF IPO
Source text: ID:nNSE1DqBVY
Further company coverage: CNBK.NS
(([email protected];))
REFILE-WRAPUP 1-Indian banks review Adani exposure in wake of US bribery allegations
Moves position of 'to India' in paragraph 7, no other changes
Israel wants Adani to continue to invest in the country
Abu Dhabi's IHC maintains its outlook on Adani investment
Adani's listed company shares recover some losses
Indian lenders reviewing Adani group exposure
By Rishika Sadam and Siddhi Nayak
Nov 28 (Reuters) - Indian banks are reviewing their Adani exposure and whether they need to tighten due diligence, eight bankers said on Thursday, after the group's billionaire founder Gautam Adani was indicted by U.S. authorities over an alleged $265 million bribery scheme.
Adani Group's listed stocks, which at one point saw as much as $34 billion wiped off their market value, meanwhile recovered ground as some partners and investors rallied behind it.
State Bank of India SBI.NS will not stop lending to ongoing Adani projects that are nearing completion, two sources told Reuters, but will exercise caution when disbursing loans to ensure all terms and conditions are being met.
Bank of India BOI.NS, Union Bank UNBK.NS, ICICI Bank ICBK.NS, Canara Bank CNBK.NS, IDBI Bank IDBI.NS and RBL Bank RATB.NS, which have relatively smaller exposures to the Adani Group, are undertaking similar exercises, sources said.
A regulatory source aware of the development said from a banking system perspective that no entity was over-exposed to the Adani group and there was no cause for concern.
Earlier on Thursday, Israel said it wants Adani Group to continue to invest there, adding that the U.S. allegations were not "problematic" from its perspective.
"We wish Adani and all Indian companies continue to invest in Israel," Israel's Ambassador to India Reuven Azar told Reuters in an interview.
The Adani Group holds a 70% stake in Haifa port in northern Israel and is involved in projects with Israeli firms, including manufacturing military drones and commercial semiconductors.
Adani and seven others are accused by U.S. authorities of being part of a scheme to pay bribes to secure Indian power supply contracts. The Adani Group has denied the allegations.
The Indian ports-to-power conglomerate has also received public backing from Abu Dhabi's International Holding IHC.AD, which maintained its outlook on investments in the group.
"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said on Wednesday, adding that it "continues to evaluate relevant information and developments".
IHC, which is one of Adani's key foreign investors, boosted its stake in the group's Adani Enterprises ADEL.NS flagship to more than 5% last year after selling down investments in Adani Green Energy ADNA.NS and Adani Energy Solutions ADAI.NS.
Shares in Adani Green, the company at the centre of the bribery allegations, rose by 10% on Thursday, hitting the cap on gains in a single session for a second consecutive day, with Adani Energy also up the maximum 10%.
The total losses in the value of Adani Group's 10 listed companies have narrowed to $14.5 billion from about $34 billion, the low reached on Tuesday after the U.S. indictments.
FALLOUT
Global investors say worries of a wider spillover from the Adani allegations will hurt sentiment in India, but not the long-term outlook, as they wager one of the world's best-performing markets will get back on track next year.
Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place - for exposure to a growing economy and a huge consumer market.
Indian Prime Minister Narendra Modi's government has not commented on the allegations against the Adani Group and has blocked opposition party demands for a debate on them.
Both houses of India's parliament were suspended temporarily within minutes of opening on Thursday as opposition lawmakers disrupted proceedings for the third day over the issue.
Many opposition parties accuse Modi and his Bharatiya Janata Party (BJP) of favouring Gautam Adani and blocking investigations against him, charges which both have denied.
The Adani Group, which is among India's biggest business empires, has been under scrutiny since January 2023 short seller Hindenburg Research accused it of stock manipulation, which the group has denied, and questioned its high debt levels.
Adani Green said on Wednesday that Adani had been charged by U.S. Securities and Exchange Commission (SEC) for alleged violations of securities law and faced potential fines but had not been charged under the U.S. Foreign Corrupt Practices Act.
The civil action launched by the SEC runs in parallel to U.S. federal prosecutors' indictment against Adani and others.
Repercussions from the indictment have mounted for the Adani Group over the past week, with credit ratings agencies cutting the outlook for some of the listed companies' bonds.
French oil major TotalEnergies TTEF.PA, said on Monday it would not make any more investments in the Adani Group until there was clarity over the allegations and consequences. Total has a 20% stake in Adani Green.
Kenya has scrapped a $2 billion procurement project that was to give Adani control of the country's main airport and it shelved a 30-year, $736-million public-private partnership, signed by Adani Energy with its energy ministry in October.
Closer to home, Sri Lanka said it would investigate all Adani-related projects in the island nation, while Bangladesh is investigating power generation contracts signed under the previous prime minister, one of which was with Adani Power.
(Reporting by Hadeel Al Sayegh in Dubai, Shilpa Jamkhandikar in Mumbai and Nigam Prusty in New Delhi; Writing by Scott Murdoch, Chris Thomas; Editing by Alexander Smith)
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Moves position of 'to India' in paragraph 7, no other changes
Israel wants Adani to continue to invest in the country
Abu Dhabi's IHC maintains its outlook on Adani investment
Adani's listed company shares recover some losses
Indian lenders reviewing Adani group exposure
By Rishika Sadam and Siddhi Nayak
Nov 28 (Reuters) - Indian banks are reviewing their Adani exposure and whether they need to tighten due diligence, eight bankers said on Thursday, after the group's billionaire founder Gautam Adani was indicted by U.S. authorities over an alleged $265 million bribery scheme.
Adani Group's listed stocks, which at one point saw as much as $34 billion wiped off their market value, meanwhile recovered ground as some partners and investors rallied behind it.
State Bank of India SBI.NS will not stop lending to ongoing Adani projects that are nearing completion, two sources told Reuters, but will exercise caution when disbursing loans to ensure all terms and conditions are being met.
Bank of India BOI.NS, Union Bank UNBK.NS, ICICI Bank ICBK.NS, Canara Bank CNBK.NS, IDBI Bank IDBI.NS and RBL Bank RATB.NS, which have relatively smaller exposures to the Adani Group, are undertaking similar exercises, sources said.
A regulatory source aware of the development said from a banking system perspective that no entity was over-exposed to the Adani group and there was no cause for concern.
Earlier on Thursday, Israel said it wants Adani Group to continue to invest there, adding that the U.S. allegations were not "problematic" from its perspective.
"We wish Adani and all Indian companies continue to invest in Israel," Israel's Ambassador to India Reuven Azar told Reuters in an interview.
The Adani Group holds a 70% stake in Haifa port in northern Israel and is involved in projects with Israeli firms, including manufacturing military drones and commercial semiconductors.
Adani and seven others are accused by U.S. authorities of being part of a scheme to pay bribes to secure Indian power supply contracts. The Adani Group has denied the allegations.
The Indian ports-to-power conglomerate has also received public backing from Abu Dhabi's International Holding IHC.AD, which maintained its outlook on investments in the group.
"Our partnership with the Adani Group reflects our confidence in their contributions to the green energy and sustainability sectors," IHC said on Wednesday, adding that it "continues to evaluate relevant information and developments".
IHC, which is one of Adani's key foreign investors, boosted its stake in the group's Adani Enterprises ADEL.NS flagship to more than 5% last year after selling down investments in Adani Green Energy ADNA.NS and Adani Energy Solutions ADAI.NS.
Shares in Adani Green, the company at the centre of the bribery allegations, rose by 10% on Thursday, hitting the cap on gains in a single session for a second consecutive day, with Adani Energy also up the maximum 10%.
The total losses in the value of Adani Group's 10 listed companies have narrowed to $14.5 billion from about $34 billion, the low reached on Tuesday after the U.S. indictments.
FALLOUT
Global investors say worries of a wider spillover from the Adani allegations will hurt sentiment in India, but not the long-term outlook, as they wager one of the world's best-performing markets will get back on track next year.
Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place - for exposure to a growing economy and a huge consumer market.
Indian Prime Minister Narendra Modi's government has not commented on the allegations against the Adani Group and has blocked opposition party demands for a debate on them.
Both houses of India's parliament were suspended temporarily within minutes of opening on Thursday as opposition lawmakers disrupted proceedings for the third day over the issue.
Many opposition parties accuse Modi and his Bharatiya Janata Party (BJP) of favouring Gautam Adani and blocking investigations against him, charges which both have denied.
The Adani Group, which is among India's biggest business empires, has been under scrutiny since January 2023 short seller Hindenburg Research accused it of stock manipulation, which the group has denied, and questioned its high debt levels.
Adani Green said on Wednesday that Adani had been charged by U.S. Securities and Exchange Commission (SEC) for alleged violations of securities law and faced potential fines but had not been charged under the U.S. Foreign Corrupt Practices Act.
The civil action launched by the SEC runs in parallel to U.S. federal prosecutors' indictment against Adani and others.
Repercussions from the indictment have mounted for the Adani Group over the past week, with credit ratings agencies cutting the outlook for some of the listed companies' bonds.
French oil major TotalEnergies TTEF.PA, said on Monday it would not make any more investments in the Adani Group until there was clarity over the allegations and consequences. Total has a 20% stake in Adani Green.
Kenya has scrapped a $2 billion procurement project that was to give Adani control of the country's main airport and it shelved a 30-year, $736-million public-private partnership, signed by Adani Energy with its energy ministry in October.
Closer to home, Sri Lanka said it would investigate all Adani-related projects in the island nation, while Bangladesh is investigating power generation contracts signed under the previous prime minister, one of which was with Adani Power.
(Reporting by Hadeel Al Sayegh in Dubai, Shilpa Jamkhandikar in Mumbai and Nigam Prusty in New Delhi; Writing by Scott Murdoch, Chris Thomas; Editing by Alexander Smith)
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Canara Bank Q2 Net Profit At 40.15 Billion Rupees
Oct 29 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK Q2 NET PROFIT 40.15 BILLION RUPEES; IBES EST. 37.58 BILLION RUPEES
CANARA BANK Q2 GROSS NPA 3.73%
CANARA BANK Q2 INTEREST EARNED 297.40 BILLION RUPEES
CANARA BANK Q2 NET NPA 0.99%
CANARA BANK Q2 PROVISIONS AND CONTINGENCIES 22.51 BILLION RUPEES
CANARA BANK Q2 PROVISIONS FOR NPA 25.87 BILLION RUPEES
Further company coverage: CNBK.NS
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Oct 29 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK Q2 NET PROFIT 40.15 BILLION RUPEES; IBES EST. 37.58 BILLION RUPEES
CANARA BANK Q2 GROSS NPA 3.73%
CANARA BANK Q2 INTEREST EARNED 297.40 BILLION RUPEES
CANARA BANK Q2 NET NPA 0.99%
CANARA BANK Q2 PROVISIONS AND CONTINGENCIES 22.51 BILLION RUPEES
CANARA BANK Q2 PROVISIONS FOR NPA 25.87 BILLION RUPEES
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank Approves Sale Of Assets And Liabilities Of Canara Bank Tanzania To Exim Bank Tanzania
Oct 18 (Reuters) - Canara Bank Ltd CNBK.NS:
APPROVED SALE OF ASSETS AND LIABILITIES OF CANARA BANK TANZANIA TO EXIM BANK TANZANIA
Source text for Eikon: ID:nNSEbr3YbH
Further company coverage: CNBK.NS
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Oct 18 (Reuters) - Canara Bank Ltd CNBK.NS:
APPROVED SALE OF ASSETS AND LIABILITIES OF CANARA BANK TANZANIA TO EXIM BANK TANZANIA
Source text for Eikon: ID:nNSEbr3YbH
Further company coverage: CNBK.NS
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Canara Bank Says One Year MCLR Raised To 9.05% From 9%
Oct 10 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - ONE YEAR MCLR RAISED TO 9.05% FROM 9%
Source text for Eikon: [ID:]
Further company coverage: CNBK.NS
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Oct 10 (Reuters) - Canara Bank Ltd CNBK.NS:
CANARA BANK - ONE YEAR MCLR RAISED TO 9.05% FROM 9%
Source text for Eikon: [ID:]
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank Says Coupon Rate Of MTN Bonds At 4.896% To Be Paid Semi Annually
Sept 4 (Reuters) - Canara Bank Ltd CNBK.NS:
ISSUANCE OF US $ 300 MILLION UNSECURED NOTES OF MTN BONDS
COUPON RATE OF MTN BONDS AT 4.896% TO BE PAID SEMI ANNUALLY
Source text for Eikon: ID:nNSE9ljltF
Further company coverage: CNBK.NS
(Reporting by VijayDattaram Malkar)
(([email protected];))
Sept 4 (Reuters) - Canara Bank Ltd CNBK.NS:
ISSUANCE OF US $ 300 MILLION UNSECURED NOTES OF MTN BONDS
COUPON RATE OF MTN BONDS AT 4.896% TO BE PAID SEMI ANNUALLY
Source text for Eikon: ID:nNSE9ljltF
Further company coverage: CNBK.NS
(Reporting by VijayDattaram Malkar)
(([email protected];))
Canara Bank Raised 30 Billion Rupees Basel Iii Compliant Additional Tier 1 Bonds
Aug 29 (Reuters) - Canara Bank Ltd CNBK.NS:
ISSUE OF AT1 BONDS
RAISED 30 BILLION RUPEES BASEL III COMPLIANT ADDITIONAL TIER 1 BONDS
Source text for Eikon: ID:nBSE7FmHZf
Further company coverage: CNBK.NS
(([email protected];))
Aug 29 (Reuters) - Canara Bank Ltd CNBK.NS:
ISSUE OF AT1 BONDS
RAISED 30 BILLION RUPEES BASEL III COMPLIANT ADDITIONAL TIER 1 BONDS
Source text for Eikon: ID:nBSE7FmHZf
Further company coverage: CNBK.NS
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India's first perpetual bond issue since valuation rule tweak sees strong interest
By Dharamraj Dhutia
MUMBAI, Aug 27 (Reuters) - India's first additional Tier I perpetual bond issuance after recent rule changes to make them more appealing was sold at a lower-than-expected coupon, indicating a revival in demand for such papers, four merchant bankers said on Tuesday.
Canara Bank CNBK.NS sold perpetual bonds with a call option at the end of 10 years at a coupon of 8.27% compared to expectations of 8.30%-8.34%.
KEY CONTEXT
Additional Tier I perpetual bonds have no pre-defined maturity date and mature when an issuing bank exercises the call option.
Funding through such paper had dropped to 175 billion rupees in fiscal 2024 from 344 billion rupees the previous year.
To drum up interest, the Securities and Exchange Board of India (SEBI) recently allowed mutual funds to value these papers as per call option, instead of 100-year papers.
WHY IT'S IMPORTANT
Funding via this route opens up another option for banks to raise capital, especially as they struggle to raise deposits.
This was the first such debt issue from any lender this financial year and paves the way for others, with State Bank of India SBI.NS among at least three set to sell such debt soon.
BY THE NUMBERS
Canara Bank's perpetual bond issue received bids worth 46.58 billion rupees ($555.24 million), which is over 4.5 times its base size of 10 billion rupees.
KEY QUOTES
"There was a good response from investors in Canara Bank issue, as the full amount was raised and at a reasonably tight rate of 8.27%. This indicates that there is decent investor demand for mid-sized issues of AA+ rated perpetual bonds from AAA-rated issuers," said Shameek Ray, head of debt capital markets at ICICI Securities Primary Dealership.
"There was participation from some mutual funds along with insurers, and Canara Bank also had the early mover advantage which worked in its favour," a senior merchant banker said requesting anonymity as he is not authorised to speak to media.
($1 = 83.8920 Indian rupees)
(Reporting by Dharamraj Dhutia; additional reporting by Bhakti Tambe; Editing by Savio D'Souza)
(([email protected];))
By Dharamraj Dhutia
MUMBAI, Aug 27 (Reuters) - India's first additional Tier I perpetual bond issuance after recent rule changes to make them more appealing was sold at a lower-than-expected coupon, indicating a revival in demand for such papers, four merchant bankers said on Tuesday.
Canara Bank CNBK.NS sold perpetual bonds with a call option at the end of 10 years at a coupon of 8.27% compared to expectations of 8.30%-8.34%.
KEY CONTEXT
Additional Tier I perpetual bonds have no pre-defined maturity date and mature when an issuing bank exercises the call option.
Funding through such paper had dropped to 175 billion rupees in fiscal 2024 from 344 billion rupees the previous year.
To drum up interest, the Securities and Exchange Board of India (SEBI) recently allowed mutual funds to value these papers as per call option, instead of 100-year papers.
WHY IT'S IMPORTANT
Funding via this route opens up another option for banks to raise capital, especially as they struggle to raise deposits.
This was the first such debt issue from any lender this financial year and paves the way for others, with State Bank of India SBI.NS among at least three set to sell such debt soon.
BY THE NUMBERS
Canara Bank's perpetual bond issue received bids worth 46.58 billion rupees ($555.24 million), which is over 4.5 times its base size of 10 billion rupees.
KEY QUOTES
"There was a good response from investors in Canara Bank issue, as the full amount was raised and at a reasonably tight rate of 8.27%. This indicates that there is decent investor demand for mid-sized issues of AA+ rated perpetual bonds from AAA-rated issuers," said Shameek Ray, head of debt capital markets at ICICI Securities Primary Dealership.
"There was participation from some mutual funds along with insurers, and Canara Bank also had the early mover advantage which worked in its favour," a senior merchant banker said requesting anonymity as he is not authorised to speak to media.
($1 = 83.8920 Indian rupees)
(Reporting by Dharamraj Dhutia; additional reporting by Bhakti Tambe; Editing by Savio D'Souza)
(([email protected];))
India New Issue-Canara Bank to issue perpetual bonds, bankers say
MUMBAI, Aug 23 (Reuters) - India's Canara Bank CNBK.NS plans to raise 30 billion rupees ($357.66 million), including a greenshoe option of 20 billion rupees, through the sale of additional tier-I perpetual bonds, three merchant bankers said on Friday.
The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.
The issue will have a call option at end of 10 years. In February, Canara Bank raised 20 billion rupees via a perpetual bond issue at the 8.40% coupon.
Last week, Reuters reported lenders may start tapping this route to raise funds after India eased norms for how mutual funds value perpetual bonds.
Here is the list of deals reported so far on Aug. 23
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | perpetual | To be decided | 10+20 | Aug 27 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.8780 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Nivedita Bhattacharjee)
MUMBAI, Aug 23 (Reuters) - India's Canara Bank CNBK.NS plans to raise 30 billion rupees ($357.66 million), including a greenshoe option of 20 billion rupees, through the sale of additional tier-I perpetual bonds, three merchant bankers said on Friday.
The state-run lender has invited coupon and commitment bids from bankers and investors on Tuesday, they said.
The issue will have a call option at end of 10 years. In February, Canara Bank raised 20 billion rupees via a perpetual bond issue at the 8.40% coupon.
Last week, Reuters reported lenders may start tapping this route to raise funds after India eased norms for how mutual funds value perpetual bonds.
Here is the list of deals reported so far on Aug. 23
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | perpetual | To be decided | 10+20 | Aug 27 | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.8780 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Nivedita Bhattacharjee)
India New Issue-Canara Bank likely to issue perpetual bonds for FY25 by Aug end
MUMBAI, Aug 21 (Reuters) - India's Canara Bank CNBK.NS is set to kickstart the cycle of perpetual bond issue for the current financial year, as it plans to come up with an issue by end of this month, three merchant bankers said on Wednesday.
The state-run lender could raise around 40 billion rupees ($477.37 million) from additional tier I perpetual bonds, with a call option at the end of five years, the bankers added.
In February, Canara Bank raised 20 billion rupees via a perpetual bond issue at the 8.40% coupon.
The bank did not respond to a Reuters query seeking comment.
Last week, Reuters reported lenders may start tapping this route to raise funds after India eased norms for how mutual funds value perpetual bonds.
Here is the list of deals reported so far on Aug. 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | perpetual | To be decided | 40 | To be decided | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.7930 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman
)
MUMBAI, Aug 21 (Reuters) - India's Canara Bank CNBK.NS is set to kickstart the cycle of perpetual bond issue for the current financial year, as it plans to come up with an issue by end of this month, three merchant bankers said on Wednesday.
The state-run lender could raise around 40 billion rupees ($477.37 million) from additional tier I perpetual bonds, with a call option at the end of five years, the bankers added.
In February, Canara Bank raised 20 billion rupees via a perpetual bond issue at the 8.40% coupon.
The bank did not respond to a Reuters query seeking comment.
Last week, Reuters reported lenders may start tapping this route to raise funds after India eased norms for how mutual funds value perpetual bonds.
Here is the list of deals reported so far on Aug. 21:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | perpetual | To be decided | 40 | To be decided | AA+ (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.7930 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Janane Venkatraman
)
Canara Bank Says Government Nominated Rohit Das As RBI Nominee Director
Aug 6 (Reuters) - Canara Bank Ltd CNBK.NS:
GOVERNMENT NOMINATED ROHIT DAS AS RBI NOMINEE DIRECTOR
Source text for Eikon: ID:nBSE8y2kPy
Further company coverage: CNBK.NS
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Aug 6 (Reuters) - Canara Bank Ltd CNBK.NS:
GOVERNMENT NOMINATED ROHIT DAS AS RBI NOMINEE DIRECTOR
Source text for Eikon: ID:nBSE8y2kPy
Further company coverage: CNBK.NS
(([email protected];))
Canara Bank June Quarter NIM At 2.9%
July 25 (Reuters) - Canara Bank Ltd CNBK.NS:
JUNE QUARTER NIM AT 2.9%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 GROSS NPA (GLOBAL) AT 3.50%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 NIM GLOBAL 2.90%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 NET NPA GLOBAL 1.1%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 DEPOSITS GROWTH (GLOBAL) AT 9%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 ADVANCES GROWTH (GLOBAL) AT 10%
Source text for Eikon: ID:nBSE3pKXjf
Further company coverage: CNBK.NS
(([email protected];))
July 25 (Reuters) - Canara Bank Ltd CNBK.NS:
JUNE QUARTER NIM AT 2.9%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 GROSS NPA (GLOBAL) AT 3.50%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 NIM GLOBAL 2.90%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 NET NPA GLOBAL 1.1%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 DEPOSITS GROWTH (GLOBAL) AT 9%
GUIDANCE FOR PERIOD ENDING MARCH 31, 2025 ADVANCES GROWTH (GLOBAL) AT 10%
Source text for Eikon: ID:nBSE3pKXjf
Further company coverage: CNBK.NS
(([email protected];))
India New Issue-Canara Bank accepts bids for 10-year infra bonds, bankers say
MUMBAI, July 16 (Reuters) - India's Canara Bank CNBK.NS has accepted bids aggregating to 100 billion rupees ($1.20 billion) for infrastructure bonds maturing in 10 years, three bankers said on Tuesday.
The state-run lender had invited coupon and commitment bids from bankers and investors earlier in the day.
Here is the list of deals reported so far on July 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 7.40 | 100 | July 16 | AAA (India Ratings) |
REC | 11 years and 1 month | 7.45 | 30 | July 16 | AAA (Icra) |
REC | 3 years and 1 month | 7.56 | 30 | July 16 | AAA (Icra) |
Tata Capital Housing Sep 2026 reissue | 2 years and 2 months | 8.03% (yield) | 1.50 | July 15 | AAA (Crisil, Icra) |
Tata Capital Housing Nov 2027 reissue | 3 years and 4 months | 8.03% (yield) | 1.90 | July 15 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.5814 Indian rupees)
(Reporting by Bhaki Tambe and Dharamraj Dhutia; Editing by Varun H K)
MUMBAI, July 16 (Reuters) - India's Canara Bank CNBK.NS has accepted bids aggregating to 100 billion rupees ($1.20 billion) for infrastructure bonds maturing in 10 years, three bankers said on Tuesday.
The state-run lender had invited coupon and commitment bids from bankers and investors earlier in the day.
Here is the list of deals reported so far on July 16:
Issuer | Tenure | Coupon (in %) | Issue size (in bln rupees)* | Bidding date | Rating |
Canara Bank | 10 years | 7.40 | 100 | July 16 | AAA (India Ratings) |
REC | 11 years and 1 month | 7.45 | 30 | July 16 | AAA (Icra) |
REC | 3 years and 1 month | 7.56 | 30 | July 16 | AAA (Icra) |
Tata Capital Housing Sep 2026 reissue | 2 years and 2 months | 8.03% (yield) | 1.50 | July 15 | AAA (Crisil, Icra) |
Tata Capital Housing Nov 2027 reissue | 3 years and 4 months | 8.03% (yield) | 1.90 | July 15 | AAA (Crisil, Icra) |
*Size includes base plus greenshoe for some issues
($1 = 83.5814 Indian rupees)
(Reporting by Bhaki Tambe and Dharamraj Dhutia; Editing by Varun H K)
Indian banks eye record infra bond issue for second straight fiscal year
By Dharamraj Dhutia and Bhakti Tambe
MUMBAI, July 12 (Reuters) - Indian banks are set to raise around 400 billion rupees ($4.79 billion) through infrastructure bonds in July and August, potentially setting a record for the second consecutive year, according to five merchant bankers on Friday.
If successful, funds raised via these bonds in the first five months of the current fiscal year started in April will surpass the 544 billion rupees raised in fiscal year 2023/24.
Infrastructure bond issues had picked up last year, and the trend will continue as the gap between credit demand and deposit growth continues, said Shameek Ray, head of debt capital markets at ICICI Securities Primary Dealership.
Government spending on infrastructure and a pick-up in investment in sectors like steel, roads and renewable energy is generating demand for funds, said Arnab Choudhury, head of debt capital markets at SBI Capital Markets.
Infrastructure bonds are issued to finance long-term development projects.
Canara Bank CNBK.NS and Bank of Baroda BOB.NS are likely to raise 100 billion rupees each, while Bank of India BOI.NS is expected to raise 50 billion rupees, three of the bankers said.
HDFC Bank HDBK.NS, India's biggest private bank, is also in early talks to raise around 100-150 billion rupees, they added.
None of the banks responded to Reuters' request for confirmation.
So far this fiscal year, State Bank of India SBI.NS has raised 200 billion rupees, and ICICI Bank ICBK.NS has raised 30 billion rupees through these bonds.
Bank | Tenor | Issue period | Amount (in billion rupees) |
SBI | 15 years | June | 100 |
ICICI Bank | 10 years | June | 30 |
SBI | 15 years | July | 100 |
Bank of Baroda | 10 years | In advanced stage | 100 |
Canara Bank | 10 years | In advanced stage | 100 |
Bank of India | 10 years | In planning stage | 50 |
HDFC Bank | 10 years | In planning stage | 100-150 |
Investor appetite for long-duration infrastructure bonds could spur more issuances in the coming months, Choudhury said.
According to the interim budget announced in February, the federal government plans to spend over 11 trillion rupees this fiscal year on long-term infrastructure projects to stimulate growth and create jobs.
"These bonds are seeing strong demand from insurance companies and provident funds, as it allows them diversification and meets their need for increasing portfolio duration," Ray said.
The strong demand has also helped reduce the spread sought by investors over government securities, he added.
($1 = 83.5250 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)
(([email protected];))
By Dharamraj Dhutia and Bhakti Tambe
MUMBAI, July 12 (Reuters) - Indian banks are set to raise around 400 billion rupees ($4.79 billion) through infrastructure bonds in July and August, potentially setting a record for the second consecutive year, according to five merchant bankers on Friday.
If successful, funds raised via these bonds in the first five months of the current fiscal year started in April will surpass the 544 billion rupees raised in fiscal year 2023/24.
Infrastructure bond issues had picked up last year, and the trend will continue as the gap between credit demand and deposit growth continues, said Shameek Ray, head of debt capital markets at ICICI Securities Primary Dealership.
Government spending on infrastructure and a pick-up in investment in sectors like steel, roads and renewable energy is generating demand for funds, said Arnab Choudhury, head of debt capital markets at SBI Capital Markets.
Infrastructure bonds are issued to finance long-term development projects.
Canara Bank CNBK.NS and Bank of Baroda BOB.NS are likely to raise 100 billion rupees each, while Bank of India BOI.NS is expected to raise 50 billion rupees, three of the bankers said.
HDFC Bank HDBK.NS, India's biggest private bank, is also in early talks to raise around 100-150 billion rupees, they added.
None of the banks responded to Reuters' request for confirmation.
So far this fiscal year, State Bank of India SBI.NS has raised 200 billion rupees, and ICICI Bank ICBK.NS has raised 30 billion rupees through these bonds.
Bank | Tenor | Issue period | Amount (in billion rupees) |
SBI | 15 years | June | 100 |
ICICI Bank | 10 years | June | 30 |
SBI | 15 years | July | 100 |
Bank of Baroda | 10 years | In advanced stage | 100 |
Canara Bank | 10 years | In advanced stage | 100 |
Bank of India | 10 years | In planning stage | 50 |
HDFC Bank | 10 years | In planning stage | 100-150 |
Investor appetite for long-duration infrastructure bonds could spur more issuances in the coming months, Choudhury said.
According to the interim budget announced in February, the federal government plans to spend over 11 trillion rupees this fiscal year on long-term infrastructure projects to stimulate growth and create jobs.
"These bonds are seeing strong demand from insurance companies and provident funds, as it allows them diversification and meets their need for increasing portfolio duration," Ray said.
The strong demand has also helped reduce the spread sought by investors over government securities, he added.
($1 = 83.5250 Indian rupees)
(Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by Varun H K)
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What does Canara Bank do?
Canara Bank offers a wide range of products and services such as saving accounts, deposits, loans, mutual funds, Insurance, internet banking, debit card, credit card, etc. The bank provides various services to its corporate clients such as Cash Management Services, loans, IPO monitoring services, etc. Besides various personal banking products it also offers remittance services, consultancy services to its NRI Clients. It also offers various products and services to priority and SME sector.
Who are the competitors of Canara Bank?
Canara Bank major competitors are Union Bank Of India, Indian Bank, IDBI, PNB, Bank Of Baroda, Indian Overseas Bank, Bank Of India. Market Cap of Canara Bank is ₹1,12,204 Crs. While the median market cap of its peers are ₹1,01,170 Crs.
Is Canara Bank financially stable compared to its competitors?
Canara Bank seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Canara Bank pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Canara Bank latest dividend payout ratio is 20.69% and 3yr average dividend payout ratio is 19.72%
How has Canara Bank allocated its funds?
Company has been allocating majority of new resources to productive uses like advances.
How strong is Canara Bank balance sheet?
Latest balance sheet of Canara Bank is weak, and historically as well.
Is the profitablity of Canara Bank improving?
The profit is oscillating. The profit of Canara Bank is ₹16,362 Crs for TTM, ₹17,540 Crs for Mar 2025 and ₹15,279 Crs for Mar 2024.
Is Canara Bank stock expensive?
Yes, Canara Bank is expensive. Latest PE of Canara Bank is 6.73, while 3 year average PE is 6.46. Also latest Price to Book of Canara Bank is 1.03 while 3yr average is 0.76.
Has the share price of Canara Bank grown faster than its competition?
Canara Bank has given better returns compared to its competitors. Canara Bank has grown at ~8.58% over the last 10yrs while peers have grown at a median rate of 0.71%
Is the promoter bullish about Canara Bank?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Canara Bank is 62.93% and last quarter promoter holding is 62.93%.
Are mutual funds buying/selling Canara Bank?
The mutual fund holding of Canara Bank is decreasing. The current mutual fund holding in Canara Bank is 4.21% while previous quarter holding is 4.67%.