Bond Factsheet
UOBSP 2.250% Perpetual Corp (SGD)
United Overseas Bank Limited (UOB)
Indicative
Full Lot
Bid Price 99.999
Change in Bid Price 0.004
Bid Yield (%) -
Change in Bid Yield
-
Ask Price 100.088
Change in Ask Price 0.005
Ask Yield (%) -
Change in Ask Yield
-
Indicative price as of 15 Jan 2026, 12:00am
Bond Issuer
United Overseas Bank Limited (UOB)
Guarantor
-
Announcement Date
07 Jan 2021
Issue Date
15 Jan 2021
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.280
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
2.250
Coupon Type
Variable
Annual Coupon Rate
2.250
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 15 Jan 2026 and every 5 years thereafter
Reset Rate: Prevailing five-year SORA-OIS rate + 1.810%
ISIN
SGXF91929004
CUSIP
BN3918859
Bond Currency
SGD
Total Issue Size
150,000,000
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)
***/ N.R
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).
(ii) Any Series of Perpetual Capital Securities may be subject to one or more Write Downs in part (as the case may be), except where such Series of Perpetual Capital Securities has been Written Down in its entirety.
"Common Equity Tier 1 Capital" means Common Equity Tier 1 Capital of the Issuer under MAS Notice 637;
"Loss Absorption Event" means the earlier of:
(i) MAS notifying the Issuer in writing that it is of the opinion that a write down or conversion is necessary, without which the Issuer would become non-viable; and
(ii) 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 MAS;
Deferral Interest Payment
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
Callable on 15 Jan 2026 and every 6 months thereafter.
Additional Note
Notwithstanding and to the exclusion of any other term of the Subordinated Notes or Perpetual Capital Securities, as applicable, or any other agreements, arrangements, or understandings between the Issuer and the Trustee or any holder of any Subordinated Note or Perpetual Capital Security, as applicable, the Trustee and each holder of any Subordinated Note or Perpetual Capital Security, as applicable, (which, for the purposes of this clause, includes each holder of a beneficial interest in the Subordinated Notes or Perpetual Capital Securities, as applicable) by its acquisition of the Subordinated Notes or Perpetual Capital Securities, as applicable, acknowledges and accepts that the Subordinated Notes or Perpetual Capital Securities, as applicable (including but not limited to any Amounts Due (as defined in the Conditions) thereunder), may be the subject of a Bail-in Certificate (as defined in the Conditions), and subject to the exercise of Bail-in Powers by the Resolution Authority (as defined in the Conditions) 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 holder of any Subordinated Notes or Perpetual Capital Securities, as applicable), 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 Subordinated Notes or Perpetual Capital Securities, as applicable;
(b) the modification, conversion or change in form of the whole or a part of such Subordinated Notes or Perpetual Capital Securities, as applicable;
(c) that such Subordinated Notes or Perpetual Capital Securities, as applicable, 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.
See Note Condition 6A and Perpetual Capital Securities Conditions 7A.
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