UCO Bank eyes offshore dollar bond issue

Mumbai: India's state-run UCO Bank is looking to raise offshore money through dollar bonds in what will be its first overseas bond offering, a source with direct knowledge of the matter said on Monday.

The bank is looking to raise funds through a Reg S bond, which means the issue will be open to overseas investors outside the United States, the source said.

The lender is in the process of finalizing banks for the mandate and is expected to raise the funds in the next two months, the source said.

The size and tenure of the issue are in the process of finalization, the source said.

Source: Financial Express