Union Bank of India has issued 2,500 Non-Convertible, Unsecured Subordinated Basel III Compliant Perpetual Debt Instruments eligible for inclusion in Additional Tier 1 Capital on 29 March, 2016.
The Bond is issued for face value of Rs 10,00,000 each at par aggregating to Rs 250 crore on private placement basis bearing 9.10% p.a. coupon payable annually. The AT1 Bonds are rated ‘AA+/Stable’ by Brickwork Rating India and ‘AA’ by India Ratings and Research India Ratings.
The Bank’s gross NPA for the October-December quarter of the current fiscal increased to 11.70%, as compared to 7.05% in the same quarter of the previous year. Besides, Bank’s Net NPA stood at 6.95% in Q3FY17.