By Reshmi Basu
New York, Nov. 9 - UTI Bank Ltd. sold $46 million of perpetual hybrid tier I bonds (Ba1) with a coupon of 7.167% to yield 252.2 basis points over Treasuries, according to a news release filed by the bank.
The bonds are non-callable for 10 years. If the bonds are not called, the coupon steps up by 100 basis points.
Barclays Capital was the bookrunner for the Regulation S transaction.
The private bank's registered office is in Ahmedabad, India, and its central office is located in Mumbai, India.
| Issuer: | UTI Bank Ltd.
|
| Amount: | $46 million
|
| Issue: | Hybrid tier I bonds
|
| Maturity: | Perpetual
|
| Coupon: | 7.167%
|
| Yield: | Treasuries plus 252.2 basis points
|
| Call option: | Callable on Nov. 16, 2016; if not called, coupon step by 100 bps
|
| Bookrunner: | Barclays Capital
|
| Pricing date: | Nov. 9
|
| Settlement date: | Nov. 15
|
| Rating: | Moody's: Ba1
|
| Distribution: | Regulation S
|
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