United Overseas Bank UOB priced a successful S$1 billion $793 million subordinated tier-2 capital bond issue on Monday. The deal was structured to comply with the transitional framework on bank capital outlined by the Basel Committee in January this year.
The 10-year bonds pay a 3.45% semi-annual coupon and were re-offered at par. They can be called by the Singapore lender at par on any interest payment date from April 1, 2016. There is a one-time coupon re-fix equivalent to the prevailing five-year Singapore dollar swap offer rate SOR plus 147.5bp if the bonds are not redeemed on that first call-date.
The notes are intended to...
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