Based on the response, the Bank has decided to accept Rs. 4,000 crore at a coupon rate of 7.57 per cent payable annually for a tenor of 15 years with a call option after 10 years and on anniversary dates thereafter. This represents spread of 14 bps over 10 year Gsec. The 10 year SDL cut off was at 7.69% annualized on 20 September 2022.
The Bank has AAA (stable) credit rating from domestic credit rating agencies for these instruments.
