UOB's summer blockbuster

Singapore's United Overseas Bank (UOB) yesterday closed a dual currency subordinated notes issue raising $1 billion and S$1 billion ($609 million). The bonds were priced at 114bps over treasuries for the US dollar tranche and 68bps over the swap offered rate (SOR) for the Singapore dollar tranche. JPMorgan was global coordinator on the deal. It was joint book runner with Merrill Lynch on the US dollar tranche and joint book runner with Citigroup and UOB on the Singapore dollar tranche.