UOB sells $500m Basel III compliant perpetual bonds
[SINGAPORE] United Overseas Bank yesterday sold $500 million of perpetual bonds that will be Basel III compliant, with the loss-absorbing feature, amid robust demand - the first local bank to sell two tranches of bonds under the stricter capital rules.
The issue was 3.7 times subscribed with orders hitting $1.85 billion, and because of the strong demand for the perps, UOB was able to price it lower than the $850 million 4.9 per cent tranche in July.
"The books were well bid," said one banker. Another said that the issue had good institutional participation.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Digital Core Reit Q1 distributable income slips 2.4% to US$10.6 million
BT subscribers can now share 5 premium articles a month with unlimited number of non-subscribers
First Reit reports 3.2% lower Q1 DPU of S$0.006 amid interest rate, forex headwinds
Vietnam holds first gold auction in 11 years to stabilise market
How Hudson Yards went from ghost town to office success story
Hot stock: Nanofilm jumps 13.1% amid heavy trading on improved Q1 results