UOB to issue S$850m perpetual capital securities with 5.25% rate per annum

The distribution rate will reset on 19 January 2028 and every five years thereafter.

United Overseas Bank is issuing S$850m perpetual capital securities with a fixed distribution rate of 5.25% per annum, according to a bourse filing.

The perpetual capital securities will bear a fixed distribution rate of 5.25% per annum, subject to a reset on 19 January 2028 and every five years thereafter, to a rate equal to the then-prevailing 5-year SORA-OIS plus the initial spread of 2.393%.

ALSO READ: Interest rates will be Singapore banks’ boon and bane through 2023: analyst

The securities will be issued under the US$30b Global Medium Term Note Programme (the "GMTN Programme").

UOB has been appointed the sole global coordinator and bookrunner for the perpetual capital securities.

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