United Overseas Bank priced the largest-ever Basel III-compliant, Singapore-dollar bond on Monday, setting a fresh benchmark for other issuers and achieving tight pricing thanks to continued strong demand from private banking clients for subordinated bank capital.
The Singapore local lender, rated Aa1AA-AA- by Moody'sSPFitch, raised S$750 million $528 from the sale of a 12 non-call seven-year bond. The tier-2, Reg S deal was priced at par to yield 3.5%, narrowing from initial price talk in the 3.75% area, and exceeded Standard Chartered’s S$700 million offering in January 2014.
Before that, in July 2012 under the...
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