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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.
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