Covered Bonds

UOB reopens Singapore’s covered bond market

In the first such issue from Singapore since 2018, UOB has brought a covered bond that is not only the city-state’s largest ever, it is also its first with a negative yield.

Singapore’s United Overseas Bank (UOB) last week sold a €1 billion ($1.2 billion) seven-year covered bond into the European market. Not only was it the first covered bond from the city-state since 2018, it was also the largest ever, and the first with a negative yield.

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