UOB prices $933m 3-year Panda bonds at 1.83%

It is one of the lowest coupon and spread for an international issuer excluding Hong Kong.

United Overseas Bank (UOB) has successfully priced S$933.17m (RMB5b) 3-year Panda bonds at 1.83%.

This is the Singaporean bank’s third Panda bond since its debut in 2019, and the sixth Chinese interbank bond offering by the group, according to a press release on 19 March 2026.

The bond saw a subscription ratio of 1.6x from both onshore and offshore investors, with 22% offshore investors.

UOB will also apply for the bond to be listed on the SGX, subject to regulatory approval.

The final coupon of 1.83% represents a spread of 22 basis points over the three-year China Development Bank benchmark bond yield.

The coupon and spread achieved is one of the lowest achieved by an international foreign bank (excluding HK) Panda bond issuer to date, UOB said.

(S$1 = RMB 5.36)

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