Union Bank of India raises AT-1 capital to the tune of Rs 1000 cr

On 15 September 2016

Union Bank of India has on 15 September 2016 issued 10,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital. The Bond is issued for face value of Rs. 10,00,000/- each at par aggregating to Rs. 1000 crore on private placement basis bearing 9.50% p.a. coupon payable annually. The AT1 Bonds are rated 'IND AA' by India Ratings and Research ("India Ratings") and 'CARE AA' by Credit Analysis & Research ("CARE").

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