UOB prices EUR1.5B covered bonds

UOB plans to issue EUR1.5 billion 0.387 percent covered bonds due 2025 at 100 percent of the principal amount, the bank said in a filing to SGX Thursday. 

The covered bonds’ principal and interest are guaranteed by Glacier Eighty Pte. Ltd., with the guarantee secured by a portfolio of loans purchased from UOB and other assets, the filing said.

The bonds are expected to be rated Aaa by Moody’s Investors Service and AAA by S&P Rating Services, the filing said.

The bonds will be issued as the 11th series under its US$8 billion global covered bond program, UOB said. 

The lead managers for the bonds are UOB, BNP Paribas, HSBC Continental Europe, Societe Generale and UBS AG’s London branch, while Landesbank Hessen-Thueringen Girozentrale has been appointed as co-manager, the filing said.

UOB said the bonds’ issue date is expected to be 17 March. 

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