Union Bank of India , a state-owned lender, plans to sell 5 1/2-year dollar bonds at a spread of about 315 basis points more than similar-maturity Treasuries, according to two people familiar with the matter.
Union Bank of India is marketing its planned sale of 5 1/2-year bonds with a spread in the low 300 basis-point range more than similar-maturity Treasuries, according to a person familiar with the matter, who asked not to be identified because the details are private. A basis point is 0.01 percentage point.
Iran has received $100 million in payments from an Indian refiner through Union Bank of India Ltd. and Istanbul-based Turkiye Halk Bankasi AS, the Press Trust of India reported, citing unidentified sources.
Emerging-market governments and companies almost doubled sales of dollar-denominated bonds in August from a year ago as costs to borrow in the U.S. currency dropped below local yields for the first time since 2008.
Indian banks are selling Swiss franc-denominated bonds for the first time in 24 years amid increasing European interest in emerging-market debt and after their dollar funding costs rose to a six-month high.
Yes Bank Ltd., the best-performing Indian bank stock last year, has lost almost half its market value in less than a month on investors’ concern that a record surge in interest rates will erode profits and boost defaults.