Mumbai: On 24 August 2026, Union Bank of India, acting through its Dubai International Financial Centre (“DIFC”) Branch, successfully priced US$ 600 million Dual Tranche Reg S Senior Unsecured notes, comprising US$ 300 million of 3-year notes and US$ 300 million of 5-year notes. (the “Offering”). The bonds are rated BBB by S&P and BBB- by Fitch.

The transaction comprised:

  • US$300 Mn at UST+93bps maturity 2029
  • US$300 Mn at UST+102bps maturity 2031

The Notes are expected to be listed on NSE IX at GIFT City IFSC and are structured as senior unsecured obligations of the Bank.

The issuance received an overwhelming response from global investors and was oversubscribed by almost seven times, reflecting strong demand across geographies and investor segments. The robust participation highlights international investors’ confidence in the Bank’s financial strength, resilient asset quality, improved profitability, and the positive outlook for the Indian economy.

The 3-year tranche was primarily allocated to Asia (74%), followed by EMEA (25%) and Offshore US (1%), with fund managers (78%) and banks (14%) being the largest investor categories. The 5-year tranche saw allocations of 66% to Asia, 33% to EMEA, and 1% to Offshore US, with fund managers (72%), banks (14%), and insurance/SWF investors (11%) comprising the majority of demand.

The exceptional investor response to the bond issuance demonstrates the confidence that global investors place in Union Bank of India strategic direction towards India’s growth story. The successful execution of this transaction reinforces our access to international capital markets and further diversifies Bank’s funding sources. With this successful fund raising, Union Bank of India continues to strengthen its position as one of India’s leading public sector banks, committed to supporting economic growth while maintaining a prudent and diversified funding strategy.

This landmark transaction marked Bank’s return to the US$ bond market after 12 years, reaffirming the strength of its franchise as one of India’s leading public sector banks, highlighting sustained stakeholders confidence.

Barclays Bank PLC, Citigroup, HSBC, Mashreq, Standard Chartered Bank acted as Joint Global Coordinators and Joint Bookrunners for this drawdown.