SGX:U11Banks
Did UOB’s Low-Coupon AT1 Issue Just Shift United Overseas Bank's (SGX:U11) Investment Narrative?
United Overseas Bank Limited recently priced a SGD 850 million 3.00% Additional Tier 1 perpetual capital securities issue under its US$30.00 billion Global Medium Term Note Programme, with first call in 2033 and distributions reset every seven years off the 7-year SORA-OIS plus a 0.94% spread.
This low-coupon AT1 deal, which is intended to qualify as regulatory capital and sets a benchmark for SGD bank perpetual yields, highlights investor confidence in UOB’s capital strength and funding...