UOB issues first covered in dual-currency

dollar euro pile px230
By Bill Thornhill
23 Feb 2017

United Overseas Bank this week became the first issuer to price covered bonds simultaneously in euros and dollars, helping it to attract new, especially Asian, investors.

UOB opened books on Wednesday for the two-part covered bond, comprising a €500m five year and $500m three year, which were both rated Aaa/AAA/---.  Order books were slightly staggered with the dollar piece being opened a few hours earlier during the Asian session with initial guidance of 50bp ...

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