UOB prices $850m in AT1 capital securities
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United Overseas Bank Limited (UOB) has priced $850 million in 3% perpetual capital securities, callable in 2033, under its $38.6 billion Global Medium Term Note Programme. The securities feature a fixed distribution rate of 3% per annum, with a reset on January 21, 2033, to the prevailing seven-year SORA-OIS plus an initial spread of 0.94%. Distributions are non-cumulative and payable semi-annually, subject to UOB's discretion. The securities qualify as Additional Tier 1 regulatory capital for UOB, with Citigroup Global Markets as joint lead managers.
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Source: Singapore Business Review The copyright of this article belongs to the original author/organization.
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