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UNION BANK RAISES RS.250 CRORE THROUGH ISSUE OF BASEL III ADDITIONAL TIER I (AT1) BONDS

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Mumbai : Union Bank of India has on March 29, 2016 issued 2,500 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 Rs. 10,00,000/- each at par aggregating to Rs. 250 crore on private placement basis bearing 9.10% p.a. coupon payable annually. The AT1 Bonds are rated “BWR AA+/Stable’ by Brickwork Rating India Pvt. Ltd’ (Brickwork) and ‘IND AA’ by India Ratings and Research Private Limited (“India Ratings”).

Further, the Bank has closed issuance of 7,500 & 5,000 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital for face value of Rs. 10,00,000 at par each aggregating to Rs. 750 crore and Rs. 500 crore on private placement basis bearing coupon of 9.10% p.a. payable annually with pay-in date March 30, 2017 and March 31, 2017 respectively.

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