UOB braves volatility with S$500m 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...