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Union Bank of India raises Rs 500 crore via bonds

Union Bank of India has issued 5,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital on May 3, 2017. The Bond is issued for face value of Rs 10 lakh each at par aggregating to Rs 500 crore on private placement basis bearing 9.08% p.a. coupon payable annually. The AT1 Bonds are rated AA+/Stable by Brickwork Rating India (Brickwork) and ‘AA/Stable’ by India Ratings and Research (India Ratings).

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories – Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.

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