Union Bank Issues $300M Dual-Tranche USD Notes

Date: August 25, 2026

Instrument Details

Union Bank of India, through its DIFC Branch in Dubai, has issued USD denominated senior unsecured dual tranche notes totaling US$ 300,000,000.

Tranche 1 (3-year notes):

• Issue Size: US$ 300,000,000
• Tenure: 3 years
• Coupon Rate: 5.230% per annum
• Payment Schedule: Semi-annually on 28 February and 28 August each year
• First Payment Date: 28 February 2027
• Final Payment Date: 28 August 2029 (maturity)
• Allotment Date: 28 August 2026
• Maturity Date: 28 August 2029

Tranche 2 (5-year notes):

• Issue Size: US$ 300,000,000
• Tenure: 5 years
• Coupon Rate: 5.417% per annum
• Payment Schedule: Semi-annually on 28 February and 28 August each year
• First Payment Date: 28 February 2027
• Final Payment Date: 28 August 2031 (maturity)
• Allotment Date: 28 August 2026
• Maturity Date: 28 August 2031

Key Features

Security & Ranking:

• Unsecured senior debt instruments
• Senior unsecured ranking

Ratings:

• S&P Global: BBB
• Fitch: BBB-

Listing:

• Proposed to be listed on NSE IFSC Limited

Use of Proceeds:

The net proceeds from the issue will be used for:

1. Meeting funding requirements of the Bank's DIFC Branch

2. Developing and expanding business of the Bank's DIFC Branch

3. General corporate purposes

Redemption Terms:

• Redemption will occur on the maturity date for both tranches
• No special rights, privileges, or security charges attached to the instruments
• No history of payment delays or defaults reported