Controversial exchangeable from UOL as it banks UOB stake

United Overseas Land (UOL) moved to dispose of its stake in United Overseas Bank (UOB) after Singapore's close on Wednesday (December 1) with an S$506.22 million ($310.4 million) exchangeable via Credit Suisse First Boston. Like so many Singaporean equity-linked deals before it, the deal could hardly be described as a roaring success and the lead ended up having to re-price the deal at a level, which is believed to have come through its fees.