UOB has priced its US$600 million subordinated notes due 2031 at 1.75 per cent until the first call date.
If the notes are not redeemed or purchased and cancelled, the interest rate from the first call date on March 16, 2026 to the maturity date on March 16, 2031 will be reset to a fixed rate equal to the then-prevailing five-year US Treasury Rate plus 1.52 per cent. The notes, to be issued below par at 99.739 per cent on Sept 16, 2020, are expected to qualify as Tier 2 regulatory capital of the bank, UOB said on Wednesday in a regulatory update.
The notes are expected to be rated A2 by Moody's Investors Service, BBB+ by S&P Global Ratings and A by Fitch Ratings
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