UOB scores ultra low coupon with Asia-driven $500 million bond

The Singaporean lender prints inside of rival bank DBS and achieves a record low coupon.

UOB scores ultra low coupon with Asia-driven $500 million bond

United Overseas Bank UOB late last night priced a $500 million five-year bond, achieving the lowest coupon for an Asian financial institution outside Japan for a dollar bond of a similar maturity.

The initial guidance was in the area of 150bp and this was tightened to Treasuries plus 144bp to 146bp with the bonds pricing at the tight end at Treasuries plus 144bp. The coupon was fixed at 2.25% and the bonds reoffered at 99.868...

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