UOB priced in line with Westpac
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....
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com