UOB prices debut tier 1 bond offering.

Trio take Singapore''s second largest bank to overseas investors with a perpetual non-call 10 deal.

Singapore United Overseas Bank UOB priced its first tier 1 one deal on December 7, raising $500 million from a perpetual non-call 10 deal led by Credit Suisse First Boston, Deutsche Bank and JPMorgan.

Pricing came at par on a coupon of 5.796%, equating to a spread of 131bp over Treasuries or 74.5bp over mid-swaps. If the bank chooses not to call the bond, the coupon steps up an additional 100bp to its initial mid-swaps spread or Libor plus 174.5bp. The notes have a short first coupon paying out on March 15 next year.

The A2A- rated deal was more than two times oversubscribed on...

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