Union Bank raises $350 m from overseas bond sale

Union Bank: Union Bank of India raises $350 m from overseas bond sale.

Union Bank of India has raised $350 million from an overseas US-dollar denominated bond sale.

The overall demand for the unsecured senior Notes was about $1.5 billion. But the bank has decided to retain only $350 million, sources in the banking industry said.

The annual coupon has been fixed at 3.625 per cent (US treasury plus 300 basis points). This is better than the initial guidance of US Treasury plus 315 basis points.

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