Singapore's UOB prices £750 mln sterling covered bond after euro deal
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United Overseas Bank (UOB) has priced a £750 million floating-rate covered bond due June 2029, marking its second European bond transaction in two weeks. Priced at 52 basis points over SONIA, the bond attracted £850 million in orders, allowing an increase from £500 million. The bond offers savings compared to UOB's sterling and U.S. dollar senior unsecured bonds. UK investors took 68% of allocations. The bonds are part of UOB's $15 billion global covered bond program and are expected to be rated Aaa by Moody's and AAA by S&P.
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