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UOB prices US$2 billion in US dollar-denominated multi-tranche bond

SINGAPORE, March 27, 2025 /PRNewswire/ -- UOB has priced US$2 billion in a US dollar-denominated multi-tranche bond. This comprises three-year Fixed-Rate Note (FXD), three-year Floating-Rate Note (FRN) and five-year FRN tranches with pricing set at Treasuries plus 40 basis points, SOFR plus 58 basis points and SOFR plus 65 basis points, respectively.

UOB re-entered the US dollar market and took advantage of recent constructive markets and stable window with no key market-moving economic events or holidays and ahead of US President Trump's proposed tariffs on 2 April 2025. UOB also capitalised on the recent strong demand for front end floating rate and fixed rate senior paper from high quality bank issuers. This issuance further demonstrates UOB's commitment to reengage with global USD bond investors, particularly with US investors. 

UOB achieved tight pricing and an upsized transaction due to robust market demand that is well-balanced across the three tranches. The Bank also achieved the tightest spread for 3-year FXD and FRN amongst APAC ex-Japan and ex-China USD FIG senior notes since early 2022.

Ms Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy, UOB, said, "The USD market continues to be one of our deepest liquidity sources. After a brief hiatus, we set out to re-engage the widest global investor community and establish new benchmarks across different formats and tenors. Notwithstanding the growing headwinds, it has been very heartening to see such a solid reception from our real money investors, allowing us to surpass our size expectations at very competitive funding levels."