UBI raises Rs 1000 crore through issue of Basel III compliant Bonds

MUMBAI: Union Bank of India (UBI) has on August 22, 2016 issued 10,000 Basel III Compliant Tier II Bonds of face value Rs. 10,00,000/- each at par aggregating to Rs. 1000 crore on private placement basis, bearing 8.00% p.a. coupon payable annually. The Bonds are issued for a period of 10 years, with call option after 5 years and thereafter on all coupon payment dates. The Bonds are rated “CRISIL AAA/Outlook: Negative” and “BWR AAA/Outlook: Negative” by ‘CRISIL Ltd’ and ‘Brickwork Ratings India Pvt. Ltd.’ respectively.