UOB strikes with first SE Asian US$ Basel III

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By Isabella Zhong
12 Mar 2014

United Overseas Bank priced a US dollar-denominated Basel III-compliant tier two bond on Tuesday night, the first offering of its kind from a South East Asian bank. The borrower is also the first Asia bank to issue a dollar Basel III bond since Dah Sing Bank in January.

UOB priced the $800m 10.5 year non call 5.5 subordinated Reg S bond at 225bp over five year Treasuries or 3.75%. Bookrunners ANZ, Credit Suisse, HSBC and UOB  had set initial guidance in the 250bp over five year Treasuries area on Tuesday morning, before tightening that afternoon to final guidance of ...

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