United Overseas Bank has launched and priced $750 million in non-cumulative, non-convertible perpetual capital securities.
They will bear a fixed distribution rate of 4% per annum.
The bonds, which will be issued in the denomination of $250,000, are intended to qualify as additional Tier 1 capital under the Basel III framework adopted by the Monetary Authority of Singapore.
The bonds may be redeemed at the option of UOB on May 18, 2021, the first call date, and every five years thereafter to a rate equal to the prevailing five-year SGD Swap Offer Rate plus the initial margin of 2.035%.
Distributions are payable semi-annually.
The bonds, which are expected to be issued on or around May 18, are expected to be assigned an issue rating of "BBB" by Fitch Ratings and "A3" by Moody's Investors Service.
UOB, Credit Suisse (Singapore), The Hongkong and Shanghai Banking Corporation and Standard Chartered Bank are the joint lead managers and bookrunners for the issue.
UOB plans to use the net proceeds from the issue for general corporate purposes.
UOB shares closed 1% lower at $17.56 on Wednesday.
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They will bear a fixed distribution rate of 4% per annum.
The bonds, which will be issued in the denomination of $250,000, are intended to qualify as additional Tier 1 capital under the Basel III framework adopted by the Monetary Authority of Singapore.
The bonds may be redeemed at the option of UOB on May 18, 2021, the first call date, and every five years thereafter to a rate equal to the prevailing five-year SGD Swap Offer Rate plus the initial margin of 2.035%.
Distributions are payable semi-annually.
The bonds, which are expected to be issued on or around May 18, are expected to be assigned an issue rating of "BBB" by Fitch Ratings and "A3" by Moody's Investors Service.
UOB, Credit Suisse (Singapore), The Hongkong and Shanghai Banking Corporation and Standard Chartered Bank are the joint lead managers and bookrunners for the issue.
UOB plans to use the net proceeds from the issue for general corporate purposes.
UOB shares closed 1% lower at $17.56 on Wednesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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