Union Bank of India raised $600 million through a public sale of dollar-denominated bonds.
The sale was conducted through the bank’s Dubai branch.
The issuance marks the lender’s return to the market after a 12-year hiatus.
Merchant bankers said the money was raised through three-year and five-year papers.
The bonds were priced below initial guidance, according to the analyses.
The fundraising comes as Indian lenders rush dollar issuances before a Reserve Bank of India hedging-facility window closes.
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The reporting broadly agrees that Union Bank of India completed a $600 million dollar-bond sale through its Dubai branch and that this was its first such issuance in more than 12 years. It also agrees the sale came amid wider fundraising by Indian lenders before a Reserve Bank of India hedging-facility deadline.
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The neutral coverage says Union Bank of India tapped the dollar debt market after a 12-year hiatus. It describes a $600 million public bond sale through the bank’s Dubai branch and notes that the lender accepted bids for dollar-denominated bonds. The analyses say the proceeds were split equally across three-year and five-year papers. They also note that the pricing came in below initial guidance and that the issuance fits into a wider rush by Indian financial institutions before the Reserve Bank of India closes its discounted hedging facility window.
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Union Bank of India has successfully raised six hundred million dollars through a public sale of dollar-denominated bonds via its Dubai branch, marking its return to the market after a twelve-year absence. Merchant bankers reported that the lender secured funds through three-year and five-year papers at specific coupons following strong pricing demand. This issuance follows similar offshore fundraising efforts by other Indian financial institutions taking advantage of a central bank discounted hedging facility before an approaching August deadline.
Union Bank of India has accepted six hundred million dollars in bids for a public sale of US dollar-denominated bonds through its Dubai branch, representing its first issuance in over twelve years according to merchant bankers. The lender detailed that funds were split equally across three-year and five-year papers priced below initial guidance. This fundraising wave among Indian lenders coincides with financial institutions rushing to complete dollar issuances before the Reserve Bank of India concludes its discounted hedging facility window.