"We have launched roadshows in the leading Asian and European finance centres on behalf of Union Bank of India last week, as part of the bank's pan to launch a benchmark issue. If the market condition is conducive, we will close the sale programme this week," the merchant bankers told PTI on Monday.
They also said, this is part of the medium term note (MTN) programme of the city-based bank and the fund will be deployed to meet its overseas fund obligations. The bank's head D Sarkar could not be reached for comments immediately.
It can be noted that last Friday, SBI set a new benchmark in bond pricing by selling USD 1 billion worth fixed rate five-year senior unsecured bonds at coupon 3.25 percent, 87 basis points (bps) lower than the coupon it is paying to the bondholders of its previous USD 1.25-billion issue last July. So far 11 companies through 13 issuances raised a whopping USD 7.5 billion this year, as rupee funds remain too costly at around 12-14 per cent, while foreign funds are much lower.
The highest pricing of these debts is just under 6 percent, while the lowest coupon is a paltry 3 percent that HDFC Bank is paying to its investors for its USD 500 million issue sold this January.
Last week, Essar Steel said it would dollarise its Rs 20,000 crore loans if the RBI allows to do it. According to i-bankers, RIL ,ONGC Videsh and Tata Steel are also planning to borrow abroad.
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