UOB's US$600m 2.88% notes 7.3 times subscribed

UNITED Overseas Bank Limited (UOB) said on Thursday morning that it will issue US$600 million of subordinated notes due 2027 and callable in 2022, priced at 2.88 per cent.

The notes were about 7.3 times subscribed with an order book of US$4.4 billion. They are intended to qualify as Tier 2 regulatory capital of the company.

The notes will be issued under UOB's S$15 billion Euro Medium Term Note programme, and are expected to be rated 'A2' by Moody's Investors Service and 'A+' by Fitch Ratings, UOB said.

The proceeds will be used for general business purposes.

UOB last traded at S$18.01.