Union Bank of India secures $600m via Dubai bond sale
Business
Union Bank of India has secured $600 million by selling bonds to international investors through its Dubai branch, splitting the amount into two parts of $300 million each.
These bonds will mature in 2029 and 2031, and the bank says the funds are meant to fuel its business growth.
Regulation S bonds 5.230% and 5.417%
The three-year bonds offer a fixed interest rate of 5.230%, while the five-year ones give a slightly higher 5.417%.
Investors get paid twice a year, every February and August.
Since these are Regulation S bonds, they're only for buyers outside the US and are listed on NSE IFSC Limited.