National Housing Bank places tier-II bonds for Rs 400 crore

Mumbai: National Housing Bank (NHB) has said that it has privately placed tier-II bonds of Rs 400 crore.

The bonds carry a coupon rate of 5.77 per cent per annum and have a maturity of five years and three months. The bank refinanced primary lending institutions in the housing finance sector.

During the period July 2002-June 2003, it released refinance of Rs 2,700 crore, an NHB press release said. "The tier-II issue will help leverage refinance operations and increase lending limits to housing finance institutions."