02 Nov '12, 8am

Singapore Bank Bonds sold at lowest ever coupon yield.

Oct: United Overseas Bank (UOB) sold US$500 million subordinated 10-year Tier 2 notes with a coupon of 2.875 per cent, the lowest ever coupon achieved by a bank globally for such debt. DBS Group Holdings and OCBC Bank have also issued similar bonds this year, with very tight spreads, reflecting the competitive edge Singapore banks enjoy for being among the world’s safest banks. UOB’s notes priced at 230 basis points over the prevailing 5-year US Treasury rate was also the tightest spread among transactions completed this year by Singapore banks. The spread was tightened 15 basis points from an initial guidance of 245 due to the strong demand with orders reaching some US$1.8 billion, said Alexi Chan, HSBC’s head of debt origination for Asia. It’s the first time that a subordinated capital instrument for a bank has been priced below 3 per cent, he said. The issue was handled...

Full article: http://forexblog.oanda.com/20121102/singapore-bank-bonds-...

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