Custom Search

Monday, April 22, 2013

Union Bank launches overseas bond sale

Union Bank of India has launched an overseas US-dollar denominated bond sale through its Hong Kong branch.

According to banking industry sources, it is a benchmark 5-and-a-half-year transaction and the bank will look to raise at least $300 million through the sale of unsecured notes.

This overseas bond sale is the third tranche under a $2-billion European Medium Term Note programme, it is learnt.

The initial guidance for the coupon is US Treasury plus 315 basis points. One basis point is one hundredth of a percentage point.

Citigroup is the joint book runner for the bond sale. Moody’s has assigned Baa3 to the proposed US-dollar denominated senior unsecured notes drawdown.

Source: thehindubusinessline


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site