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UOB sells covered bonds in dual currencies, an Asian first

Demand is firm for the two tranches, one in USD and the other, in euros; some investors buy both

Published Thu, Feb 23, 2017 · 09:50 PM

Singapore

UNITED Overseas Bank has sold its second covered bonds comprising two tranches - a US$500-million 2.125 per cent and a 500-million euro 0.125 per cent. This was Asia's first dual-currency covered bonds issue.

The bonds were issued under UOB's US$8 billion covered bonds programme, backed by a portfolio of mortgage loans linked to Singapore properties, the bank said on Thursday.

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