United Overseas Bank UOB sold a $800 million Basel III-compliant Tier 2 subordinated bond on Tuesday, pricing the transaction deep inside the curve of its existing old-style notes as institutional investor demand for the structure increases.
The bond which has a tenor of 10.5 years and is callable in 5.5 years is Singapore’s and Southeast Asia’s first ever dollar-denominated Basel III-compliant transaction, according to bankers on the deal. It is also the first dollar benchmark note from the Lion City this year.
UOB’s deal the financial institution’s return to bank capital in two years priced 25bp tighter than its initial price guidance of...
¬ Haymarket Media Limited. All rights reserved.
