UOB returns to Euro bond market with €850m issue

European demand for Singaporean credit remains strong.

As investors show more confidence in China's onshore bond market, Singapore's UOB priced a three-year panda bond at 1.83% on March 18, while Deutsche Bank and BNP Paribas also issued panda bonds worth over Rmb5bn this month.

The second foreign currency-denominated sovereign bond from China within a month has seen record popularity, and was oversubscribed 25 times.

Final orders were over S$2bn allowing UOB to upsize from its original S$500m benchmark; there was participation from 96 investors with 26% outside of Singapore.

The oversubscribed Euro offering is in three tranches of 8, 12 and 20 years, and follows green bond issuances in Hong Kong and Australia in H1 2026.

The Australian bond market has seen a record start to the year, with A$69bn being issued so far in 2025, with robust investor liquidity and tightened spreads.