UOB braves volatility with S$500m Tier 1 perp

Southeast Asia’s third-largest lender prices its second Singapore dollar Basel III Tier 1 perpetual this year as investors look for quality papers amid increased market uncertainty.
UOB, Southeast Asia's third-largest lender, has an existing Basel III Tier 1 perp.
UOB, Southeast Asia's third-largest lender, has an existing Basel III Tier 1 perp.

United Overseas Bank UOB defied market conditions on Monday to raise a S$500 million $400 million Basel III Tier 1 perpetual perp with a callable option in the sixth year, pricing on the tighter end of its final price guidance.

The perp, which had an initial price guidance of about 4.9% when launched on Monday morning, tightened to final guidance of 4.75%-4.8% by the evening and ended pricing at the tighter end, according to a term sheet seen by FinanceAsia.

UOB, Southeast Asia's third-largest lender, has an existing Basel III Tier 1 perp the first ever in Asia that was issued in July this...

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