Singapore Banking Group UOB Issues £750 Million ($981 Million) 3-Year Covered Bond Due 2027 Priced at Sterling Overnight Index Average (SONIA) Rate +0.53%, Current SONIA Rate is 4.95% with UOB 3-Year Covered Bond Priced at 5.48%
10th September 2024 | Hong Kong
Singapore banking group UOB has issued a new £750 million ($981 million) 3-year covered bond due 2027, priced at Sterling Overnight Index Average (SONIA) Rate +0.53%. The current SONIA rate is 4.95% (1/8/24 to 6/9/24), with the UOB 3-year covered bond priced at 5.48%. UOB (10/9/24): “UOB has priced GBP750 million in three-year covered bond due 2027. The covered bond was priced on Thursday (5 Sep) at the Sterling Overnight Index Average (SONIA) Rate plus 53 basis points. This is the largest orderbook for UOB in GBP covered bonds. UOB is the first non-UK bank to access the GBP covered bond market post summer, to take advantage of the strong demand for front-end covered bonds. The three-year covered bond appealed to investors in the current macro environment and saw robust investor demand from real money fund managers, insurance and bank treasuries.” Final orderbook > 1 billion from 20 investors, with UK ~81%, Asia ~18% and Others ~1%. Investor demand – Banks ~51%, Fund Managers ~31%, Central Banks/Official Institutions/Insurance ~11%, Others ~7%
“ Singapore Banking Group UOB Issues £750 Million ($981 Million) 3-Year Covered Bond Due 2027 Priced at Sterling Overnight Index Average (SONIA) Rate +0.53%, Current SONIA Rate is 4.95% with UOB 3-Year Covered Bond Priced at 5.48% “
Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy, UOB: “We were glad to be back to engage the covered bond market, and heartened to see the continued strong reception towards UOB credit and the Singapore Covered Bond by global investors.”
Singapore Banking Group UOB Issues £750 Million ($981 Million) 3-Year Covered Bond Due 2027 Priced at Sterling Overnight Index Average (SONIA) Rate +0.53%, Current SONIA Rate is 4.95% with UOB 3-Year Covered Bond Priced at 5.48%
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