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United Overseas Bank to Issue 1 Billion-Pound Floating-Rate Covered Bonds Due 2030

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United Overseas Bank (SGX:U11) plans to issue 1 billion pounds in floating-rate covered bonds due in February 2030, according to a Wednesday regulatory filing with the Singapore Exchange.

The bonds will be issued as the 17th series under the bank's $15 billion global covered bond program.

The notes will carry a coupon rate based on the compounded daily Sterling Overnight Index Average (SONIA) rate, plus a margin of 0.49% per annum, with interest payable quarterly in arrears.

Interest payments and the principal amount will be guaranteed by Glacier Eighty, a special-purpose vehicle. This financial guarantee is secured by a cover pool portfolio consisting of loans purchased by Glacier Eighty from UOB, alongside other assets held by the company.

UOB's shares were down 1% in recent trade.

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