SGX Market Update : UOB’s Basel-III compliant Tier 2 notes 7.3 times subscribed .

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SINGAPORE (Sept 1): United Overseas Bank (UOB) says it will be issuing US$600 million worth of 2.88% Basel III-consistent Tier 2 subordinated notes on Sept 8.

UOB says the notes were “7.3 subscribed” with a request book of US$4.4 billion ($6 billion) and are relied upon to be appraised “A2” by Moody’s Investors Service and “A+” by Fitch Ratings.

Issued under the bank’s $15 billion Euro medium-term note program, the notes will be expected 2027 and callable in 2022, while appropriations will be payable semi-every year financially past due.

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