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Union Bank of India has launched an overseas US dollar-denominated bond sale through its Hong Kong branch.
It is a benchmark five-and-half year transaction and the bank will look to raise at least $300 million through the sale of unsecured notes, sources in the banking industry said.
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 rating to the proposed dollar-denominated senior unsecured notes drawdown. The unsecured notes are to be listed on the Singapore stock exchange.
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