UOB priced in line with Westpac

UOB branch 230px
By Bill Thornhill
09 Jan 2018

United Overseas Bank in Singapore was able to price a seven year euro covered bond in line with Westpac on Tuesday. Although UOB was unable to match the pricing of DBS Bank, it achieved 'remarkable traction' with second and third tier investors across Europe.

Singaporean covered bonds have tended to price with a premium to Australian deals, reflecting the fact that Australia is a more established market.

But given the Singaporean banks’ much smaller funding needs, this relationship was never likely to be sustainable in the long term.

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