UOB’s Basel-III compliant Tier 2 notes 7.3 times subscribed

SINGAPORE (Sept 1): United Overseas Bank (UOB) says it will be issuing US$600 million worth of 2.88% Basel III-compliant Tier 2 subordinated notes on Sept 8.

UOB says the notes were “7.3 times subscribed” with an order book of US$4.4 billion ($6 billion) and are expected to be rated ‘A2’ by Moody’s Investors Service and ‘A+’ by Fitch Ratings.

Issued under the bank’s $15 billion Euro medium-term note programme, the notes will be due 2027 and callable in 2022, while distributions will be payable semi-annually in arrears.

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