UOB launches sale of dual currency covered bonds

This is Asia's first dual currency covered bonds issue.

Singapore banking giant United Overseas Bank announced two sales of covered bonds comprising of two tranches, a US$500m 2.125% covered bonds and an EUR500m 0.125% covered bonds, both due 2022.

The euro tranche will be issued as the second series under the US$8b Global Covered Bond Programme while the US dollar tranche will be issued as the third series.

The issue date of the covered bonds is expected to be March 2, 2017.

To recall, UOB's first covered bonds, an EUR500m 0.25% due in 2021 issue, was sold in February 2016.

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