Borrower of the Week - UOB

With a fresh deal in the dollar bond market, UOB has an interesting credit story to tell.

Singapore's largest bank United Overseas Bank, gave credit investors a welcome sheaf of new paper this week with the issuance of $1 billion in 10 year subordinated notes. Priced at 117bps over treasuries the bonds were snapped up in little over 14 hours of marketing with a book that was 10 times oversubscribed.

Behind these bonds was some clear rarity value no Singapore issuer had been to the market since SingTel's $2.29 billion blockbuster back in November...

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