India New Issue-UCO Bank sets 9.50% coupon for perpetual bonds - bankers

UCO Bank

16/03/2023 09:41

MUMBAI, March 16 (Reuters) - India's UCO Bank  UCBK.NS  has
set a coupon of 9.50% for Basel III-compliant additional tier-I
perpetual bonds, three merchant bankers said on Thursday.
    The state-run bank had invited bids from investors and
bankers for the bond issue earlier in the day, and has accepted
bids worth 5 billion rupees ($60.4 million).
    The bonds are rated 'AA-' by Acuite Ratings and Infomerics
Ratings, and have a call option after end of five years.
    The issue will be settled on Friday.
    
    ($1 = 82.7400 Indian rupees)

 (Reporting by Dharamraj Dhutia and Bhakti Tambe; Editing by
Varun H K)
 ((Dharamraj.dhutia@tr.com))