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 9.00% per annum coupon payable annually. The AT1 Bonds are rated ‘AA’ by India Ratings and Research and ‘AA’ by Credit Analysis & Research (CARE).
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.