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Union Bank of India to issue AT 1 bonds
December 22, 2022
Instruments includes unsecured, subordinated, taxable, non-convertible, perpetual, fully paid-up Basel III Compliant Additional Tier-1 Bond in the nature of debentures eligible for inclusion in Additional Tier 1 Capital (Bonds).
Debentures are issued with coupon rate of 8.40% per annum, payment of Interest will be annually and face value is ₹1 crore per bond.
Debt securities will be listed on National Stock Exchange and date of allotment will be 23 December 2022.
Credit rating for debentures by CRISIL Ratings is “CRISIL AA /Stable” and “IND AA/Stable” by India Rating & Research.
Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The bank’s standalone net profit jumped 21.1% to ₹1,847.70 crore on 11% rise in total income to ₹22,957.95 crore in Q2 FY23 over Q2 FY22.
Shares of Union Bank of India declined 4.55% to Rs 77.65 on the BSE.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/