The Reserve Bank of India (RBI) has allowed banks to offer non-callable
deposits, fixed-tenure deposit schemes where premature withdrawal is not allowed.
The dealers for the non-callable
series A-2 and B-2 notes continue to be J.
RBC Capital Markets has indicated that it intends to acquire 66 2/3 percent or more of each issue of the non-callable
notes in the open market from Canadian noteholders, if available, at a price equal to the Canada Yield Price on the date of purchase.
The overwhelming success of our callable debt programs has reduced our need for non-callable
funding, as callable debt is a better fit against our mortgage assets," said Jerome Lienhard, senior vice president of global debt funding.
The 'AAApre' rating reflects the express lien of the bondholders on all funds, which have been invested in direct non-callable
obligations of the United States and of REFCORP.
s (ABIG) $75 million non-callable
unsecured senior notes due in 1999.
This issue due April 15, 1996, is non-callable
for one year, and pays quarterly at a spread of 23 basis points over the London Interbank Offered Rate.
Reserves for several bond series have been funded in the form of non-callable
surety bonds provided by the respective bond insurer.
The offering involves $500 million of non-callable
five year senior notes and $450 million of 31 year senior debentures, which are not callable for the first ten years.
The 6-1/4 percent debentures are non-callable
and were priced at 99.
The debentures due in 2002 are non-callable
and were priced at par to yield 6.
The 'AAApre' rating reflects these pledges and that all funds have been invested in direct non-callable
obligations of the United States.