UOB makes strong return to GBP covered bond market with GBP750m 3-year issuance
UOB is the first non-
Ms
Salient points about this offering
- Strong outcome with a rare GBP covered bond, allowing the Bank to tighten pricing and upsize the transaction
- Achieved tight pricing, a testament of UOB's robust credit quality. Priced 2bps inside of pre-summer supply from the region, in contrast to recent market re-opening trends with this week's
UK supply re-opening with spreads 3bps wider than pre-summer - Tightest ever priced 3-year GBP SONIA covered bond out of
Singapore and joint tightest 3-year GBP SONIA covered bond in 2024 YTD
Distribution Statistics
- Final orderbook >1bn from 20 investors, with
UK ~81%,Asia ~18% and Others ~1% - Robust investor demand from Banks ~51%, Fund Managers ~31%, Central Banks/Official Institutions/Insurance ~11%, Others ~7%
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