Union Bank of India issues USD 350 mn REG S Senior Bonds

On 22 April 2014

Union Bank of India has issued USD 350 million REG S Senior unsecured notes drawdown from its USD 2 billion Medium Term Note Program, through its Hong Kong Branch on 22 April 2014. The bonds are rated Baa3 by Moody's and BBB by S&P.

The 5.5 year bonds were prices at a spread of 280 bps over the 5 year US treasury, equivalent to a price of 99.764 and yield of 4.549% per annum. The bonds will bear fixed interest of 4.5% per annum, with interest payable semi-annually in arrears. The bonds will mature on 28 October 2019.

 

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