UOBSP 4.000% Perpetual Corp (SGD)

Bond Factsheet

Matured/ Called

United Overseas Bank Limited (UOB)

Indicative

Full Lot

Bid Price

100.000

Change in Bid Price

remove 0.071

Bid Yield (%)

4.005 %

Change in Bid Yield

0.152

Ask Price

100.050

Change in Ask Price

remove 0.115

Ask Yield (%)

3.895 %

Change in Ask Yield

0.241

Indicative price as of 21 May 2021, 12:00am

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Bond Information

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

Bond Issuer

United Overseas Bank Limited (UOB)

Guarantor

Announcement Date

11 May 2016

Issue Date

18 May 2016

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.119

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

4.000

Coupon Type

Variable

Annual Coupon Rate

4.000

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Capital Structure

Junior Subordinated

Reference Rate

Reset Rate= 5Y SGD SOR + Initial Spread (203.5bps)
Reset Date= 18May21& every 5y thereafter

ISIN

SG72C9000002

CUSIP

LW0910452

Bond Currency

SGD

Total Issue Size

Outstanding Issue Size

750,000,000

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

Exchange Listed

SGX

Bond Feature(s)

Loss Absorption

Upon the occurrence of a Loss Absorption Event, the Issuer shall give a Loss Absorption Event Notice. After the Issuer has determined the appropriate Loss Absorption Measure(s) (as defined below), the Issuer shall give a Write Down Notice (as defined below).

The Issuer shall, after first giving the Write Down Notice, subject as provided in this Condition 6:

cancel any Distribution which is accrued (and unpaid) up to the relevant Loss Absorption Measure Effective Date; and
if the cancellation of Distributions in accordance with Condition 6(a)(i) above, together with the cancellation of interest, dividend and/or distribution on any other Loss Absorbing Instruments (as defined below) 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 by the relevant Write Down Amount (such reduction, a "Write Down", and "Written Down", shall be construed accordingly).

"Loss Absorption Event" means the earlier of:

the MAS notifying the Issuer in writing that it is of the opinion that a write-off is necessary, without which the Issuer would become non-viable; and
the MAS notifying the Issuer in writing of its decision to make a public sector injection of capital, or equivalent support, without which the Issuer would have become non-viable, as determined by the MAS.

Deferral Interest Payment

Distribution Cancellation
- 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, the Trustee and the Agents at least 10 business days prior to the relevant Distribution Payment Date. Such Distribution Cancellation Notice shall be conclusive and binding on the Securityholders.

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 interest. 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, 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:
  - 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);
  - 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
  - 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

the Issuer may, on the First Call Date (18 May 2021) or any Distribution Payment Date thereafter, on giving at least 30 days' irrevocable notice to the Securityholders and the Trustee, redeem all, but not some only, of the Capital Securities at the Redemption Amount.

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