UOB to issue 1.625% covered bonds for $694.76m

The covered bonds will be issued as the seventh series of the US$8b Global Covered Bond Programme.

United Overseas Bank (UOB) intends to issue 1.625% covered bonds due 2022 for $694.76m (US$500m), an SGX filing revealed. The covered bonds are expected to mature on 5 September 2022.

The covered bonds will be issued as the seventh series under the $11.12b (US$8b) Global Covered Bond Programme.

UOB, Credit Suisse Securities (Europe) Limited, HSBC Bank plc, ING Bank N.V., Singapore Branch and UBS AG London Branch have been appointed as lead managers for the issue of covered bonds. They will be guaranteed as to payments of interest and principal by Glacier Eighty (CBG).

The guarantee is secured by a portfolio of loans purchased by the CBG from UOB and other assets of the CBG.