Union Bank of India US$600 million notes will be issued in two senior unsecured tranches through the bank’s DIFC Branch in Dubai, the lender informed the stock exchanges in a BSE filing dated August 24, 2026. The notes comprise two equal tranches of US$300 million each, with maturities in 2029 and 2031.

The US dollar-denominated instruments are structured as senior unsecured notes under Regulation S. The three-year tranche is scheduled for allotment on August 28, 2026, and will mature on August 28, 2029. The five-year tranche carries the same allotment date and will mature on August 28, 2031.

Coupon and rating details

Particular Three-year tranche Five-year tranche
Issue size US$300 million US$300 million
Coupon 5.230 5.417
Maturity August 28, 2029 August 28, 2031

Coupon payments for both tranches are scheduled semi-annually on February 28 and August 28 each year, beginning February 28, 2027, and continuing through the respective maturity dates. Principal will be redeemed on the date of maturity.

The notes are expected to carry ratings of BBB from S&P Global and BBB- from Fitch. They will rank as senior unsecured obligations, and no charge or security will be created over the bank’s assets. The filing stated that no special rights, interests or privileges are attached to the instruments.

Use of proceeds and proposed listing

Union Bank of India said the net proceeds from the notes will be used for three stated purposes:

  • Meeting the funding requirements of the bank’s DIFC Branch;
  • Developing and expanding the business of the DIFC Branch; and
  • Meeting general corporate purposes.

The bank proposes to list the notes on NSE IFSC Limited. The disclosure also recorded that there were no applicable comments concerning non-payment of interest or principal, no delay of more than three months, and no default in payment. Company Secretary Ashish Mishra signed the exchange communication.

Source: BSE corporate announcement.