Union Bank of India to issue 1-year CD - traders

Union Bank of India UNIONBANK plans to raise funds through the sale of certificates of deposit maturing in one year, three merchant bankers said on Wednesday.

The state-run lender will offer a yield of 7.77% on the issue and has received commitments worth around 20 billion rupees ($245.7 million) so far, the bankers said.

The notes are rated A1+ by CRISIL.

($1 = 81.4030 Indian rupees)