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UNITED Overseas Bank (UOB) has priced US$650 million of 3.875 per cent perpetual capital securities at an initial spread of 179.4 basis points above the five-year US dollar swap rate.
The securities are issued under the S$15 billion Euro Medium Term Note Programme.
The securities may be redeemed early by UOB on Oct 19, 2023. They are expected to be rated Baa1 by Moody's Investors Service and BBB by Fitch Ratings.
UOB, Credit Suisse (Singapore), Deutsche Bank, and HSBC are joint lead managers for the offering.