UOB sells covered bonds in dual currencies, an Asian first

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.