UOB prices 500m euro covered bonds due 2023 at 0.25%
UNITED Overseas Bank (UOB) is issuing 500 million euros (S$796.7 million) of five-year covered bonds at a fixed coupon of 0.25 per cent under an existing programme.
The bonds were sold at 99.52 per cent of par. They will be issued on Sept 11, 2018, as the sixth series under the bank's US$8 billion global covered bond programme, and they will mature on Sept 11, 2023.
The bonds will be secured by a portfolio of loans, and are expected to be rated Aaa by Moody's Investors Service and AAA by Standard & Poor's Rating Services.
UOB, HSBC France, Norddeutsche Landesbank Girozentrale, Société Générale and UBS have been appointed as lead managers.
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