UOB breaks several covered bond records

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By Bill Thornhill
24 Nov 2020

United Overseas Bank revitalised the moribund Singaporean covered bond market on Tuesday with the first euro deal in two years and the largest from a Singaporean issuer. The bonds attracted record demand and were priced inside UOB’s curve, showing the extraordinarily receptive state of the market.

After mandating joint leads HSBC, Société Générale, UBS and itself for the benchmark 0.01% December 2027 on Monday, order books were opened on Tuesday for the first Singaporean euro covered bond since September 2018, with initial guidance of 22bp area over mid-swaps. 

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