Star Union Dai-ichi Life Insurance on Tuesday raised Rs 125 crore in its maiden bond issuance to meet its growth needs.
The insurance firm, a joint venture between state-owned Bank of India and Union Bank of India, and Japan’s leading insurance firm Dai-ichi Life Holdings raised the bond through a 10-year subordinated debt paper, with an AA rating at 7.75 per cent.
The spread between the 10-year sovereign bond yields and the coupon offered by the insurance firm works out to around to about 140 basis points, which is about 40 basis points higher than what a AAA rated firm would generally offer investors.
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