Union Bank of India offers 'meaningful' premium after sell-off

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By Virginia Furness
24 Apr 2014

Union Bank of India launched its latest bond into a busy market on Tuesday, pricing with a new issue concession to help allay investors' concerns after the heavy sell-off of State Bank of India’s recent bonds.

While sentiment towards Indian credits continues to be positive, investors were hurt by the 30bp widening of State Bank of India’s 3.622% 2019s and 4.875% 2024s, which were priced at spreads of 205bp and 255bp two weeks ago. However, at the time of launching the new deal, pricing had ...

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