UOB deal exceeds expectations

Who says three''s a crowd? Not Singapore investors as they snap up UOB''s sub-debt bond, following similar deals from DBS and OCBC.
When United Overseas Bank UOB of Singapore first announced its intention to issue S$750 million $426.6 million of subordinated debt, observers were keen to see just how well the deal would be executed compared to similar sub-debt deals launched recently by rival banks OCBC and DBS.

It would be fair to say that UOB's deal, which will form part of the bank's $3.2 billion acquisition of Overseas Union Bank OUB, went better than UOB or its fellow arrangers, JPMorgan and Merrill Lynch, could have anticipated.

Not only did it price at the low end at what was offered in the investor roadshows that have taken place since the end of last...

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