Union Bank of India has 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 lakh each at par aggregating to Rs 1,000 crore on private placement basis bearing 9.50% per annum coupon payable annually.
The AT1 Bonds are rated ‘AA’ by India Ratings and Research (India Ratings) and ‘AA’ by Credit Analysis & Research (CARE).
Union Bank of India is one of the largest government-owned banks of India. The bank had 4,196 branches in India as on 31 March 2016 and to add to it 4 overseas branches.
