Singapore's UOB prices $979 million in covered bonds under global programme

United Overseas Bank

25/11/2025 01:07

Nov 25 (Reuters) - United Overseas Bank (UOB) UOBH.SI, Southeast Asia's third-largest bank by assets, said on Tuesday that it has priced 850 million euros ($979.12 million) in covered bonds under its $15 billion global covered bond programme.

The Singapore-based lender has set the annual coupon at 2.718%, payable once a year.

UOB expects to issue the bonds on December 1 this year, with maturity scheduled for December 1, 2030.

The deal was oversubscribed, attracting an order book of more than 1.2 billion euros, with investor demand predominantly from asset managers, banks, central banks and official institutions, the company said.

The issuance marks the first 5-year bond covered bond from a Singapore bank since October 2021, and the tightest 5-year non-EU euro-covered bond since September 2022, according to UOB.

United Overseas Bank Limited, BNP PARIBAS, and HSBC (Singapore) are among those appointed as the joint lead managers for the covered bonds.

An application will be made to the Singapore Exchange Securities Trading Limited for the listing and quotation of the covered bonds, UOB said.

($1 = 0.8681 euros)

 (Reporting by Sherin Sunny in Bengaluru; Editing by Sherry Jacob-Phillips)

 ((Sherin.Sunny@thomsonreuters.com))