Epic Research Update : Union Bank of India

Union Bank of India acting through its Hong Kong Branch successfully priced a $350 million Reg S senior unsecured notes drawdown from its $2 billion Medium-Term Note Program. The bonds are rated ‘Baa3’ by Moody’s and ‘BBB-‘ by S&P. The 5.5-year bonds were priced at a spread of 280 bps over the 5-year US Treasury, equivalent to a price of 99.764 and yield of 4.549% per annum.

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