UOB deal exceeds expectations

Who says three''s a crowd? Not Singapore investors as they snap up UOB''s sub-debt bond, following similar deals from DBS and OCBC.

Rob Davies

August 23, 2001

When United Overseas Bank (UOB) of Singapore first announced its intention to issue S$750 million ($426.6 million) of subordinated debt, observers were keen to see just how well the deal would be executed compared to similar sub-debt deals launched recently by rival banks OCBC and DBS.

It would be fair to say that UOB's deal, which will form part of the bank's $3.2 billion acquisition of Overseas Union Bank (OUB), went better than UOB or its fellow arrangers, JPMorgan and Merrill Lynch, could have anticipated.

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