UOB prices sub debt

Singaporean bank seeks more efficient capital structure.

Joint leads Deutsche Bank and Merrill Lynch priced an upsized $1 billion upper tier 2 deal for United Overseas Bank UOB late on Monday. The 10 non-call life offering was increased from a $500 million base size after books closed 10 times covered following an accelerated 14-hour marketing period.

Pricing came at 99.96% on a coupon of 4.5% and yield of 4.505%, equating to a spread of 117bp over Treasuries. The leads received fees of only 25bp for the Aa3A- rated deal, which also incorporated ABN Amro and Credit Suisse First Boston as co-managers.

Observers reported a total of just over 200 accounts in a book, which had a...

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