By Aaron Hochman-Zimmerman
New York, Dec. 10 - Union Bank of India priced Rs. 2 billion of perpetual tier I bonds (AA+/LAA, local rating) and Rs. 4 billion of lower tier II bonds (AA+/AA+, local rating/Fitch), according to a press release.
The perpetual tranche priced with a coupon of 9.9% and carries a step ups by 50 basis points at the end of the 10th year.
The 10-year lower tier II bonds priced with a coupon of 9.35%.
The Union Bank of India is a Mumbai-based commercial and retail lender.
| Issuer: | Union Bank of India
|
| Amount: | Rs. 6 billion
|
| Pricing date: | Dec. 10
|
|
|
| Tier I tranche
|
| Amount: | Rs. 2 billion
|
| Issue: | Perpetual tier I bonds
|
| Maturity: | Perpetual
|
| Coupon: | 9.9%
|
| Call features: | After 10 years, coupon steps up 50 bps if not called
|
| Rating: | Crisil: AA+
|
| Icra: LAA
|
|
|
| Tier II tranche
|
| Amount: | Rs. 4 billion
|
| Issue: | Lower tier II bonds
|
| Coupon: | 9.35%
|
| Rating: | Crisil: AA+
|
| Fitch: AA+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
