UOB nabs tight pricing for dollar tier two return
Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.
UOB’s $600m 3.75% 10 year non-call five was priced at a spread of 150bp over US Treasuries, the tightest dollar-denominated Basel III-compliant tier two deal from an Asian issuer.UOB, rated Aa1/AA-/AA-, was the first of the three banks in Singapore to have turned to the dollar bond ...
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