UOB's $1.3b dual-tranche covered bond: a first for Asia

Two days after selling a Singapore-dollar tier-2 note, the Singapore lender prints US dollar and euro covered bonds, the first dual-currency covered bond form an Asian issuer.

UOB's $1.3b dual-tranche covered bond: a first for Asia

United Overseas Bank, Singapore’s third-largest lender by assets, sold $1.28 billion of euro and dollar covered bonds on Wednesday, as enthusiasm for the mortgage-backed securities continues to grow in Asia.

The Singapore lender, rated Aa1AA-AA- by Moody’sSPFitch, issued a $500 million three-year note and another 500 million $528 million five-year note, two days after it sold a S$750 million tier-2 bond to Singapore-dollar investors. It is the...

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