UNION BANK RAISES RS.1000 CRORE THROUGH ISSUE OF BASEL III ADDITIONAL TIER I (AT1) BONDS

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by Suman Gupta

Mumbai,November 4, 2016  : Union Bank of India has today 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. 1,000 crore on private placement basis bearing 9.00% p.a. coupon payable annually. The AT1 Bonds are rated ‘IND AA’ by India Ratings and Research Private Limited (“India Ratings”) and ‘CARE AA’ by Credit Analysis & Research Limited (“CARE”).

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