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SGX:U11

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Asia

First Sponsor Group Proposes SG$333 Million Convertible Securities Rights Issue

First Sponsor Group (SGX:ADN) proposed a renounceable, non-underwritten rights issue of up to SG$332.6 million in 4.85% perpetual convertible capital securities, according to a Singapore Exchange filing on Monday.The rights issue offers one perpetual convertible capital security for every five existing shares at an issue price of SG$1.08 each, the release said.Proceeds will fund expansion of the group's property‑holding, development and financing businesses and repay related borrowings.United Overseas Bank (SGX:U11) has been appointed as the manager for the rights issue.Shares of United Overseas Bank rose nearly 1% in recent trade.

SGX:ADNSGX:U11
Asia

MAS, Singapore Banks Launch AI Cyber Taskforce

The Monetary Authority of Singapore and the Association of Banks in Singapore (ABS) have established a task force to combat emerging threats from frontier AI models, according to a statement on Tuesday.The AI-Driven Cyber and Technology Risk Taskforce (ACT) brings together leaders from MAS, ABS, major banks DBS Group (SGX:D05), OCBC (SGX:O39), and UOB (SGX:U11).Other members include the Singapore Exchange (SGX:S68), Network for Electronic Transfers or NETS, and Banking Computer Services or BCS.The task force will facilitate industry-wide sharing of AI cybersecurity use cases, conduct proof-of-concept trials for advanced AI-enabled defense tools, and develop guidance to help financial institutions better detect and prevent AI threats.

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Treasury

United Overseas Bank Files for Singapore Listing of $150 Million Bonds

United Overseas Bank (SGX:U11) filed for the listing of $150 million floating rate covered bonds due 2028 on the Singapore bourse, according to a filing with the Singapore Exchange on Friday.The bonds will be listed and quoted on the Bonds Market on or about July 27, the bank said.

SGX:U11
Asia

Singapore's Straits Times Index Extends Rally Above 5,400 Points on Bank Stock Gains

Singapore's Straits Times Index rallied above 5,400 points at market open on Thursday, owing to strong gains by local bank stocks ahead of the second-quarter corporate earnings season in early August.The STI, a key benchmark for the Singapore Exchange, rose in early trade by 0.7%, or 36.45 points, to open at 5,406.020.Strong institutional inflows pushed Singapore bank stocks to record highs on Thursday, with DBS Group (SGX:D05) briefly crossing SG$70 for the first time. Oversea-Chinese Banking Corporation (SGX:O39) and United Overseas Bank (SGX:U11) also hit new peaks, pushing the STI as investors positioned ahead of the earnings season and sought to secure first-half dividend payouts.

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Asia

Heeton Holdings Issues SG$90 Million Worth of Bonds

Heeton Holdings (SGX:5DP) issued SG$90 million worth of 5.50% bonds due 2030, comprising SG$43 million in principle amount of new bonds as part of the exchange consideration and SG$47 million bonds as additional bonds.CIMB Bank, Singapore Branch and United Overseas Bank (SGX:U11) are the dealer managers and joint lead managers of the new issue.The bonds will mature on Jan. 2, 2030 and will be used for corporate purposes, working capital and financing and refinancing of investment opportunities.The bonds were listed on July 3, the filing said.

SGX:5DPSGX:U11
Asia

Heeton Holdings to List Bonds Worth SG$90 million on Singapore Exchange

Heeton Holdings (SGX:5DP) will list its fixed-rate bonds worth SG$90 million on the Singapore Exchange (SGX) on Friday, according to a Thursday filing to the Singapore bourse.The bonds carry a coupon rate of 5.50% per annum and are scheduled to mature in 2030.Recently, Heeton priced an additional SG$47 million worth of 5.50% fixed rate bonds due in 2030. CIMB Bank Berhad, Singapore Branch and United Overseas Bank (SGX:U11) are the joint lead managers for the new bonds.The company plans to use the proceeds for general corporate purposes, working capital, potential acquisitions, and refinancing existing debt.

SGX:5DPSGX:U11
Asia

Heeton Holdings Prices Additional SG$47 Million Worth of Bonds

Heeton Holdings (SGX:5DP) priced an additional SG$47 million worth of 5.50% fixed rate bonds due in 2030, according to a Wednesday filing with the Singapore Exchange.CIMB Bank Berhad, Singapore Branch and United Overseas Bank (SGX:U11) are the joint lead managers for the new bonds.The additional bonds will be consolidated into the existing Series 007, taking the aggregate principal amount to SG$90 million.Net proceeds from the issue will be used for general corporate purposes, general working capital needs, potential acquisitions and financing and refinancing of investment opportunities.The new bonds are expected to be listed on or about July 3.

SGX:5DPSGX:U11
Asia

United Overseas Bank's Board Establishes Technology Committee

United Overseas Bank (SGX:U11) established a board technology committee, effective July 1, according to a Wednesday filing with the Singapore Exchange.The new committee will guide the bank's technology and digital strategy, the filing stated.

SGX:U11
Asia

Fitch Affirms United Overseas Bank's Thai Subsidiary at A- Rating with Negative Outlook

Fitch Ratings affirmed United Overseas Bank (SGX:U11) subsidiary United Overseas Bank (Thai) Public Company Limited's long-term issuer default rating (IDR) at A-, with a negative outlook.Fitch Ratings Thailand also affirmed the company's national long-term rating at AAA(tha) with a stable outlook, and the bank's shareholder support rating (SSR) at a-, viability rating (VR) at bbb-, and short-term IDR at F1, according to a Wednesday commentary.The ratings and stable outlook reflect the rating agency's expectation that the company will continue to receive extraordinary support from its Singapore-based parent, with strong near-term support propensity. In addition, Fitch expects the company's performance to improve further this year and in 2027, supported by strong cost management, stable non-interest income, and lower credit costs.

SGX:U11
Asia

Singapore Shares Open Flat Amid Mixed Broader Asian Markets

Singapore shares opened flat with positive bias on Wednesday, tracking mixed sentiment across major Asian markets after a massive technology-stock-led sell-off in the previous session as investors took an optimistic yet cautious approach amid concerns over AI spending and semiconductor firms' valuations.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, rose 0.08%, or 4.19 points, to open at 5,209.930.Market-moving bank stocks were mixed in early morning trade, with DBS Group Holdings (SGX:D05) and United Overseas Bank (SGX:U11) gaining marginally, while shares of Oversea-Chinese Banking Corporation (SGX:O39) slightly declined.In other news, US President Donald Trump said Tuesday that Iran had agreed to permit nuclear inspections, although Tehran said it has no plans to allow the International Atomic Energy Agency (IAEA) inspectors set foot in its bombed enrichment sites.Iran's chief negotiator, Mohammad Bagher Ghalibaf, said the Strait of Hormuz would "never return to its pre-war conditions" and that Tehran would maintain control over the key waterway.

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Asia

Fitch Affirms Three Thai Banks on High Support Possibility

Fitch Ratings on Tuesday affirmed the ratings of three Thailand-based banks, reflecting the high likelihood of extraordinary support from their shareholders or parents.The rating agency maintained the long-term issuer default rating of TMBThanachart Bank (BKK:TTB) at BBB, Bank of Ayudhya (BKK:BAY) at BBB+, and United Overseas Bank (Thai) at A-, among other ratings.Fitch expects a high likelihood of extraordinary support from the Thai government for TMBThanachart Bank if required, given its status as a domestic systemically important bank due to its scale and financial system connections.Bank of Ayudhya and United Overseas Bank (Thai) also have a high probability of support from their respective parents, Japan's Mitsubishi UFJ Financial Group (TYO:8306) and United Overseas Bank (SGX:U11).Bank of Ayudhya and United Overseas Bank (Thai) have an AAA(tha) national long-term rating, reflecting the lowest expectation of default risk compared to other Thai issuers, while TMBThanachart Bank has an AA+(tha) rating.

BKK:BAYBKK:TTBSGX:U11TYO:8306
Asia

Market Chatter: Singapore to Launch Gold Clearing System by Year-End

Singapore has outlined plans to launch a gold clearing system by the end of the year, in partnership with JPMorgan Chase, Deutsche Bank, DBS (SGX:D05), Oversea-Chinese Banking Corp. or OCBC (SGX:O39), UOB (SGX:U11)and ICBC Standard Bank, according to a report by Bloomberg on Monday.Speaking at a conference, the city-state's Deputy Prime Minister and MAS chairman, Gan Kim Yong said the system will connect regional gold demand with global liquidity and support market activity during trading hours.Bloomberg also reported that MAS plans to introduce central bank gold vaulting services by October.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Singapore Exchange to Launch OTC Gold-Clearing System in 2026

The Singapore Exchange plans to establish an over-the-counter (OTC) gold clearing system for Loco Singapore this year, the Monetary Authority of Singapore said Monday.Major banks such as JPMorgan Chase & Co., DBS Group Holdings (SGX:D05), Oversea-Chinese Banking Corporation (SGX:O39), United Overseas Bank (SGX:U11), ICBC Standard Bank, and Deutsche Bank AG will act as clearing members, with plans for inter-bank trading expected to be operational from 2027, the release said.These banks will work with the Singapore Exchange to enhance the Loco Singapore gold market, improve price discovery, and build trading activities, it said.The Monetary Authority of Singapore will introduce central bank gold vaulting services by October.Shares of Oversea-Chinese Banking Corporation added over 1%, while those of United Overseas Bank increased about 1% at market close.

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Research

CGS International Upgrades United Overseas Bank to Add from Hold; Price Target is SG$42.60

United Overseas Bank (SGX:U11) has an average rating of hold and mean price target of SG$39.32, according to analysts polled by FactSet.

SGX:U11
Asia

Keppel Prices SG$325 Million Subordinated Perpetual Securities

Keppel (SGX:BN4) has priced SG$325 million of fixed-rate subordinated perpetual securities at 3.30% under its $5 billion multi-currency debt issuance program, according to a Thursday filing to the Singapore bourse.The global asset manager and operator has appointed DBS Bank, Oversea-Chinese Banking Corporation (SGX:O39), and United Overseas Bank (SGX:U11) as joint bookrunners and lead managers for the issue.Keppel plans to use the proceeds from the issue to fund general corporate needs and refinance existing perpetual debt.The Series 018 Securities will be issued in the denomination of SG$250,000 and will be perpetual, with no fixed redemption date. They are expected to be issued on or around June 11.The company will have the option to redeem the Series 018 Securities in whole, but not in part, at 100% of their principal amount, together with the distribution accrued on June 11, 2029.Keppel plans to list the new Series 018 securities on the Singapore exchange for qualified institutional and accredited investors.

SGX:BN4SGX:O39SGX:U11
Asia

Singapore's Proposed TLAC Framework May Impact Banks' Support Ratings, Fitch Says

The Singaporean central bank's proposal for a total loss-absorbing capacity (TLAC) framework could impact banks' support ratings, Fitch Ratings said in a Thursday release.The "aa-" government support rating for the country's three major local banks are in line with their viability ratings, serving as a backstop to their AA- issuer default ratings, Fitch said.The rating agency may not consider government support for markets with credible banks resolution and expectations of senior debt being bailed in.With this, the equilibrium between DBS Group Holdings (SGX:D05) and DBS Bank's ratings may shift if Fitch removes government support as a factor.The Monetary Authority of Singapore's propose external TLAC of 14% of risk-weighted assets of local domestic systemically banks is below the 18% minimum for global ones, Fitch said.The central bank also does not push for a TLAC leverage ratio requirement given the smaller size of varied risk profiles of the domestic banks.The proposal will also not force United Overseas Bank (SGX:U11) and Oversea-Chinese Banking (SGX:O39) to issue any additional debt, reflecting the wider flexibility in the proposed ways for banks to meet the TLAC requirement, Fitch said.

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Asia

Market Chatter: Singapore's One Raffles Place Attracts Interest from CapitaLand Investment, IOI Properties

One Raffles Place is drawing interest from several companies, including CapitaLand Investment (SGX:9CI) and IOI Properties (KLSE:IOIPG), and tycoons, Raj Kumar and Kishin RK, Bloomberg News reported Tuesday.The office complex is being marketed for more than SG$2.3 billion and comprises two office towers and a retail mall, spanning an area of 65,309 square meters, the report said.One Raffles Place is jointly owned by OUE REIT (SGX:TS0U) and United Overseas Bank (SGX:U11), the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Singapore High Court Critisizes UOB Over Late Payment Inconsistencies

Singapore's High Court has criticized the manner in which United Overseas Bank (SGX:U11) has been taking inconsistent legal positions on late payment charges in connection with mortgage cases, according to a Straits Times report on Tuesday.Assistant Registrar, Randeep Singh Koonar, termed the bank's actions "unsatisfactory" for withdrawing claims in court when asked for a legal justification, the report said.The recent judgment was delivered in a 2026 case filed by UOB against a company named SGmade Co-Operates, that owed it around SG$556,200, the report noted.According to Randeep, the bank had withdrawn its claims when the High Court asked for legal justification, the report added.Later on, the bank admitted that it was not legally allowed to impose late payment charges via monthly installments, the report noted.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

SGX:U11
Asia

AIMS APAC REIT Secures Sustainability-Linked Loan facilities

AIMS APAC REIT (SGX:O5RU) secured unsecured sustainability-linked loan facilities of SG$450 million and AU$160 million, along with unsecured syndicated facility with green loan tranche of AU$115 million, according to a Thursday bourse filing.Shares of the REIT were down over 1% in Friday trading.The facilities were arranged by United Overseas Bank (SGX:U11) and will help the REIT enhance its liquidity and offer it financial flexibility.

SGX:O5RUSGX:U11
Asia

United Overseas Bank to Dispose of Development Site for SG$299 Million

United Overseas Bank (SGX:U11) signed two share sale agreements with Singland Properties to dispose of its stakes in Novena Square Development and Novena Square Investments for SG$299 million, according to a Friday filing with the Singapore Exchange.Shares of the bank were marginally down Monday morning.The targets were joint ventures between UOL Group (SGX:U14), Singapore Land (SGX:U06), and the company, the filing said.The property is a mixed-use development in Singapore, comprising two office blocks and a retail mall.The disposals are part of the company's strategy to reallocate capital.

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