Linklaters has advised the joint global coordinators and joint bookrunners on Union Bank of India’s US$600m dual-tranche offering of senior unsecured notes.
The transaction marks Union Bank of India’s return to the international US dollar bond market after more than 12 years and its first bond offering through its Dubai International Financial Centre branch (DIFC) branch. The Regulation S offering comprised US$300m 5.230% notes due 2029 and US$300m 5.417% notes due 2031. The notes are listed on NSE IFSC Limited.
Union Bank of India is the third Indian public sector bank to access the international US dollar bond market through a public offering since June 2026, following issuances by State Bank of India and Bank of Baroda. Linklaters advised on all three transactions.
The Linklaters multijurisdictional team across its Singapore, Hong Kong SAR and Dubai offices was led by partner and Head of India Practice Amit Singh, capital markets partner Xunming Lim, supported by counsel Magdalena Biereder. Linklaters also acted as counsel to the trustee.
Amit Singh, partner and Head of India Practice at Linklaters, commented:
“This transaction reflects the growing importance of the international debt markets as Indian financial institutions seek to diversify their funding sources and access global pools of capital. We are delighted to have supported on Union Bank of India’s successful return to the market, working seamlessly across our offices and practices.”
With more than 50 years of on-the-ground experience in Asia, Linklaters has an established track record of advising on India-related capital markets transactions, including international bond offerings by Indian financial institutions and leading equity offerings across a range of sectors.
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