Bond Factsheet
UOBSP 4.250% Perpetual Corp (SGD)
United Overseas Bank Limited (UOB)
Indicative
Full Lot
Bid Price 101.000
Change in Bid Price
-
Bid Yield (%) 3.220 %
Change in Bid Yield 0.003
Ask Price 101.425
Change in Ask Price
-
Ask Yield (%) 2.787 %
Change in Ask Yield 0.004
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
United Overseas Bank Limited (UOB)
Guarantor
-
Announcement Date
27 Jun 2022
Issue Date
04 Jul 2022
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 1.003
Modified Duration
0.971 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.250
Coupon Type
Variable
Annual Coupon Rate
4.250
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 4 Oct 2027 and every 5 years thereafter
Rese Rate: 5-year SORA-OIS + Initial Spread (1.470%)
ISIN
SGXF56824851
CUSIP
BX4514796
Bond Currency
SGD
Total Issue Size
400,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ BBB+
Shariah Compliant
No
Exchange Listed
SGX
Loss Absorption
Write Down on a Loss Absorption Event:
(i) In instances where “Write Down” is specified as the Loss Absorption Measure in the relevant Pricing Supplement for any Perpetual Capital Securities, if a Loss Absorption Event occurs the Issuer shall, upon the issue of a Write Down Notice, irrevocably and without the need for the consent of the Trustee or the holders of any Perpetual Capital Securities:
(A) cancel any accrued but unpaid Distributions (up to the relevant Loss Absorption Measure Effective Date); and
(B) if the cancellations of Distributions in accordance with Condition 7(a)(i)(A) above, together with the cancellation of interest, dividend and/or distribution on any other Loss Absorbing Instruments on or before the relevant Loss Absorption Measure Effective Date, is in aggregate insufficient to result in the relevant Loss Absorption Event no longer continuing, irrevocably (without requiring the consent of the Securityholders) procure that the Registrar shall reduce the Prevailing Principal Amount, in respect of each Perpetual Capital Security (in whole or in part) by an amount equal to the relevant Write Down Amount (a “Write Down”, and “Written Down” shall be construed accordingly).
Multiple Loss Absorption Events and Write Downs in part:
(i) Where only part of the principal or Distribution of Additional Tier 1 Capital Securities of the Issuer is to be Written Down, the Issuer shall use reasonable endeavours to conduct any Write Down such that:
(A) holders of any Series of Perpetual Capital Securities are treated rateably and equally; and
(B) the Write Down of any Perpetual Capital Securities is conducted on a pro rata and proportionate basis with all other Additional Tier 1 Capital Securities of the Issuer, to the extent that such Additional Tier 1 Capital Securities are capable of being converted or written-down under any applicable laws (and/or their terms of issue which are analogous to these Conditions).
Singapore Bail-In Power:
Notwithstanding and to the exclusion of any other term of the Perpetual Capital Securities or any other agreements, arrangements, or understandings between the Issuer and the Trustee or any holder of any Perpetual Capital Securities, the Trustee and each holder of any Perpetual Capital Securities (which, for the purposes hereof, includes each holder of a beneficial interest in the Perpetual Capital Securities) by its acquisition of the Perpetual Capital Securities acknowledges and accepts that the Perpetual Capital Securities (including but not limited to any Amounts Due thereunder), may be the subject of a Bail-in Certificate, and subject to the exercise of Bail-in Powers by the Resolution Authority without any prior notice, and acknowledges, accepts, consents, and agrees to be bound by the exercise of any provision of the Bail-in Certificate in accordance with its terms (which will take effect without any other or further act by the Issuer and which shall be binding on the Issuer, the Trustee and each Securityholder) and the effect of the exercise of the Bail-in Powers by the Resolution Authority, that may include and result in one or more of the following:
(a) the cancellation of the whole or a part of such Perpetual Capital Securities;
(b) the modification, conversion or change in form of the whole or a part of such Perpetual Capital Securities;
(c) that such Perpetual Capital Securities are to have effect as if a right of modification, conversion or change of their form had been exercised under them; and
(d) any incidental, consequential and supplementary matters, including a requirement that the Issuer or any other person must comply with a general or specific direction set out in the Bail-in Certificate.
Deferral Interest Payment
The Issuer may, at its sole discretion, elect to cancel any Distribution which is otherwise scheduled to be paid on a Distribution Payment Date by giving a notice signed by a director of the Issuer (such notice, a “Distribution Cancellation Notice”) of such election to the Securityholders in accordance with Condition 16 and to the Trustee and the Agents in writing at least 10 business days prior to the relevant Distribution Payment Date. Such Distribution Cancellation Notice shall be conclusive and binding on the Securityholders. The Issuer shall have no obligation to pay any Distribution on any Distribution Payment Date if it validly elects not to do so in accordance with this Condition 5(a) and any failure to pay such Distribution shall not constitute a Default (as defined in Condition 11(a)).
Non-Cumulative Distribution:
If a Distribution is not paid in accordance with Condition 5(a), the Issuer is not under any obligation to pay that or any other Distributions that have not been paid. Such unpaid Distributions are non-cumulative and do not accrue Distribution. There is no limit on the number of times or the extent of the amount with respect to which the Issuer can elect not to pay Distributions pursuant to this Condition 5.
Dividend Stopper:
If Distribution Stopper is specified as being applicable in the relevant Pricing Supplement and on any Distribution Payment Date, payment of Distributions scheduled to be made on such date is not made by reason of this Condition 5, the Issuer shall not:
(i) declare or pay any dividends or other distributions in respect of the Junior Obligations (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Junior Obligations);
(ii) declare or pay, or permit any subsidiary of the Issuer (other than a subsidiary of the Issuer that carries on banking business) to declare or pay, any dividends or other distributions in respect of Parity Obligations the terms of which provide that making payments of dividends or other distributions in respect thereof are fully at the discretion of the Issuer (or contribute any moneys to a sinking fund for the payment of any dividends or other distributions in respect of any such Parity Obligations); and
(iii) redeem, reduce, cancel or buy-back any Parity Obligations or Junior Obligations or permit any subsidiary of the Issuer (other than a subsidiary of the Issuer that carries on banking business) to redeem, reduce, cancel or buy-back any Parity Obligations or Junior Obligations (or contribute any moneys to a sinking fund for the redemption, capital reduction or buy-back of any such Parity Obligations or Junior Obligations),
in each case, until (x) the Distribution scheduled to be paid on any subsequent Distribution Payment Date (which, for the avoidance of doubt, shall exclude any Distribution that has been cancelled in accordance with these Conditions prior to and in respect of a Distribution Payment Date preceding such subsequent Distribution Payment Date) has been paid in full to the Securityholders (or an amount equivalent to such Distribution scheduled to be paid on such subsequent Distribution Payment Date has been irrevocably set aside in a separately designated trust account for payment to the Securityholders); or (y) the Issuer is permitted to do so by an Extraordinary Resolution.
Issuer Call
Optional Redemption Date(s): The First Reset Date and each Distribution Payment Date thereafter
Optional Redemption Amount(s) of each Perpetual Capital Security and method, if any, of calculation of such amount(s): S$250,000 per Calculation Amount
Additional Note
Upon occurrence of Change of Qualification Event or for taxation reasons, subject to regulatory approval
“Change of Qualification Event” means:
(i) as a result of a change to the relevant requirements issued by the MAS in relation to the qualification of the Perpetual Capital Securities as Additional Tier 1 Capital Securities or to the recognition of the Perpetual Capital Securities as eligible capital for calculating the total capital adequacy ratio of the Issuer (either on a consolidated or an unconsolidated basis) (“Eligible Capital”); or
(ii) as a result of any change in the application, or of official or generally published interpretation, of such relevant requirements issued by the MAS or any relevant authority, including a ruling or notice issued by the MAS or any relevant authority, or any interpretation or pronouncement by the MAS or any relevant authority that provides for a position with respect to such relevant requirements issued by the MAS that differs from the previously generally accepted position in relation to similar transactions or which differs from any specific written statements made by any authority regarding the qualification of the Perpetual Capital Securities as Additional Tier 1 Capital Securities of the Issuer or to the recognition of the Perpetual Capital Securities as Eligible Capital, which change or amendment (a) (subject to (b)) becomes effective on or after the Issue Date, or (b) in the case of a change to the relevant requirements issued by the MAS, on or after the Issue Date, the relevant Perpetual Capital Securities, in whole or in part, would not qualify as Additional Tier 1 Capital Securities or Eligible Capital of the Issuer; or
(iii) for any other reason, the Perpetual Capital Securities do not qualify as Additional Tier 1 Capital Securities or as Eligible Capital of the Issuer.
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