United Overseas Bank Limited (UOB)
Indicative
Full Lot
Indicative price as of 15 Apr 2024, 12:00am
Bond Issuer
United Overseas Bank Limited (UOB)
Guarantor
-
Announcement Date
08 Apr 2019
Issue Date
15 Apr 2019
Maturity Date
15 Apr 2029
Years to Maturity / Next Call
2.528 / -
Modified Duration
-
Issue / Reoffer Price
99.657
Issue / Reoffer Yield
3.826
Coupon Type
Variable
Annual Coupon Rate
3.750
Coupon Frequency
Semi Annually
Seniority
Subordinated
Capital Structure
Subordinated
Reference Rate
Reset Date: 15 Apr 2024
Reset Rate: Prevailing 5 year US Treasury plus the Initial Spread (1.500%)
ISIN
US91127LAC46
CUSIP
91127LAC4
Bond Currency
USD
Total Issue Size
600,000,000
Outstanding Issue Size
-
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ AA-
Bond Credit Rating (S&P/ Fitch)
***/ A
Shariah Compliant
No
Exchange Listed
SGX
LOSS ABSORPTION EVENT:
Earlier of the MAS notifying the Issuer in writing (i) that it is of the opinion that a write down or conversion is necessary, without which the Issuer would become non-viable or (ii) 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
WRITE-DOWN (PARTIAL ALLOWED):
- In respect of each Tier 2 Subordinated Note, the Issuer shall reduce the principal amount and cancel any accrued but unpaid interest by an amount as the Issuer shall, in consultation with the MAS, determine or as the MAS may direct, which is required to be reduced and cancelled for the Issuer to cease to be non-viable
- Write-down of Tier 2 Capital Securities will only occur after Additional Tier 1 Capital Securities with loss absorption features are fully written off or converted to equity, and pro rata and proportionate basis with all other Tier 2 Capital Securities with loss absorption features
- Write-down is permanent and irrevocable
SINGAPORE BAIL-IN POWER:
Notwithstanding and to the exclusion of any other term of the Subordinated Notes or any other agreements, arrangements, or understandings between the Issuer and the Trustee or any Noteholder, the Trustee and each Noteholder (which, for the purposes hereof, includes each holder of a beneficial interest in the Subordinated Notes by its acquisition of the Subordinated Notes acknowledges and accepts that the Subordinated Notes (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 holder of any Subordinated Notes), 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;
(b) the modification, conversion or change in form of the whole or a part of such Subordinated Notes;
(c) that such Subordinated Notes 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 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.
