Union Bank pulls dollar bond sale

Mumbai: Union Bank of India's planned sale of bonds denominated in US dollars has been pulled, according to two people familiar with the matter, who declined to be identified before a public announcement.

The bank hired Barclays, Citigroup, Deutsche Bank and Standard Chartered to market the debt to investors in Singapore, Hong Kong and London, a person familiar said April 7, declining to be identified. Union Bank officials were unavailable for comment yesterday due to a public holiday in India.

"Market conditions are very good at the moment and if Union Bank can't get a deal out now it must be because there is a pricing mismatch.." Brayan Lai, a credit analyst at Credit Agricole CIB, said yesterday by telephone.