UOB to offer Singapore dollar perpetual capital securities

It'll be launched today.

According to a release, United Overseas Bank Limited is proposing a Regulation S (as defined under the U.S. Securities Act of 1933) offering of Singapore Dollar-denominated non-cumulative non-convertible perpetual capital securities. Subject to market conditions, the proposed transaction is expected to be launched today.

The Capital Securities are intended to qualify as Additional Tier 1 capital of the Issuer under the Basel III framework adopted by The Monetary Authority of Singapore. The net proceeds from the Offering are intended to allow the Issuer to, subject to regulatory approval, redeem its outstanding Additional Tier 1 Class E Preference Shares which are callable on 16 September 2013.

The Capital Securities are expected to be assigned an issue rating of BBB by Fitch Ratings and Baa1 by Moody’s Investors Service, Inc. The Issuer has received approval in-principle from the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the listing of the Capital Securities on the SGX-ST.

The approval in-principle from the SGX-ST for the listing of the Capital Securities on the SGX-ST is not to be taken as an indication of the merits of the Issuer, its subsidiaries or associated companies or the Capital Securities.

UOB is the Global Coordinator, Joint Lead Manager and Bookrunner for the Offering. Australia and New Zealand Banking Group Limited, The Hongkong and Shanghai Banking Corporation Limited, Nomura Singapore Limited, Standard Chartered Bank and UBS AG have also been mandated as Joint Lead Managers and Bookrunners for the Offering.

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