By William Gullotti
Buffalo, N.Y., Sept. 14 – United Overseas Bank Ltd. (UOB) priced £850 million of floating rate covered bonds (Aaa/AAA) with a five-year tenor at 103.52, according to an announcement and a press release on Tuesday.
The bonds will be issued under the bank’s $8 billion global covered bond program and guaranteed by Glacier Eighty Pte. Ltd.
The bonds were priced with a floating interest rate of Sonia, compounded daily, plus 100 basis points, with a reoffer yield of Sonia plus 29 bps. Interest will be paid quarterly.
BNP Paribas, Credit Suisse International and UOB are the joint lead managers and joint bookrunners for the Regulation S offering.
The final order book was in excess of £975 million.
According to the press release, UOB is the first issuer in Singapore to price a Sonia-linked bond offering, and the offering is also the largest sterling-denominated bond from an Asian issuer. The expected issue date is Sept. 21, and the bonds are expected to be listed on the Singapore Exchange.
The retail bank is based in Singapore.
| Issuer: | United Overseas Bank Ltd.
|
| Guarantor: | Glacier Eighty Pte. Ltd.
|
| Issue: | Floating rate covered bonds
|
| Amount: | £850 million
|
| Maturity: | Sept. 21, 2026
|
| Bookrunners: | BNP Paribas, Credit Suisse International and UOB
|
| Coupon: | Sonia plus 100 bps
|
| Price: | 103.52
|
| Yield: | Sonia plus 29 bps
|
| Issue date: | Sept. 21
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | Regulation S
|
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