UOB launches $800m Basel III debut

The Singapore bank prices Southeast Asia’s first dollar Basel III Tier 2 bond.

UOB launches $800m Basel III debut

United Overseas Bank UOB sold a $800 million Basel III-compliant Tier 2 subordinated bond on Tuesday, pricing the transaction deep inside the curve of its existing old-style notes as institutional investor demand for the structure increases.

The bond which has a tenor of 10.5 years and is callable in 5.5 years is Singapore’s and Southeast Asia’s first ever dollar-denominated Basel III-compliant transaction, according to bankers on the deal. It is also the first...

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