UOB prices US$2 billion in US dollar-denominated multi-tranche bond
UOB (UOVEY) has successfully priced a US$2 billion multi-tranche bond in US dollars, comprising three distinct tranches: a three-year Fixed-Rate Note, a three-year Floating-Rate Note, and a five-year Floating-Rate Note. The pricing was set at Treasuries plus 40 basis points, SOFR plus 58 basis points, and SOFR plus 65 basis points, respectively.
The issuance achieved the tightest spread for 3-year FXD and FRN amongst APAC (ex-Japan and ex-China) USD FIG senior notes since early 2022. The offering saw strong demand with final orderbooks exceeding US$1.7bn for the 3-year FXD tranche, US$1.3bn for the 3-year FRN tranche, and US$570m for the 5-year FRN tranche. The distribution showed significant global interest, with US investors accounting for 59% in the 3-year FRN and 40% in the 3-year FXD tranches.
UOB (UOVEY) ha recentemente emesso con successo un obbligazione multi-tranche da 2 miliardi di dollari USA in dollari americani, composta da tre tranche distinte: una Nota a Tasso Fisso di tre anni, una Nota a Tasso Variabile di tre anni e una Nota a Tasso Variabile di cinque anni. I prezzi sono stati fissati a Treasuries più 40 punti base, SOFR più 58 punti base e SOFR più 65 punti base, rispettivamente.
L'emissione ha raggiunto lo spread più ristretto per le obbligazioni FXD e FRN a 3 anni tra le note senior FIG in USD dell'APAC (escluso Giappone e Cina) dall'inizio del 2022. L'offerta ha visto una forte domanda, con i libri ordini finali che hanno superato 1,7 miliardi di dollari USA per la tranche FXD a 3 anni, 1,3 miliardi di dollari USA per la tranche FRN a 3 anni e 570 milioni di dollari USA per la tranche FRN a 5 anni. La distribuzione ha mostrato un significativo interesse globale, con gli investitori statunitensi che rappresentano il 59% nella tranche FRN a 3 anni e il 40% nella tranche FXD a 3 anni.
UOB (UOVEY) ha logrado emitir con éxito un bono multi-tramo de 2 mil millones de dólares estadounidenses en dólares estadounidenses, que consta de tres tramos distintos: una Nota a Tasa Fija a tres años, una Nota a Tasa Variable a tres años y una Nota a Tasa Variable a cinco años. Los precios se fijaron en Treasuries más 40 puntos básicos, SOFR más 58 puntos básicos y SOFR más 65 puntos básicos, respectivamente.
La emisión logró el diferencial más ajustado para las notas FXD y FRN a 3 años entre las notas senior FIG en USD de APAC (excluyendo Japón y China) desde principios de 2022. La oferta vio una fuerte demanda, con libros de órdenes finales que superaron los 1.7 mil millones de dólares para el tramo FXD a 3 años, 1.3 mil millones de dólares para el tramo FRN a 3 años y 570 millones de dólares para el tramo FRN a 5 años. La distribución mostró un interés global significativo, con los inversores estadounidenses representando el 59% en el tramo FRN a 3 años y el 40% en el tramo FXD a 3 años.
UOB (UOVEY)는 20억 달러 규모의 다중 트랜치 채권을 성공적으로 발행하였습니다. 이 채권은 3년 만기 고정금리 노트, 3년 만기 변동금리 노트, 5년 만기 변동금리 노트의 세 가지 트랜치로 구성되어 있습니다. 가격은 각각 40bp, SOFR + 58bp, SOFR + 65bp로 설정되었습니다.
이번 발행은 2022년 초 이후 일본과 중국을 제외한 APAC 지역의 USD FIG 선순위 노트 중 3년 FXD 및 FRN의 가장 좁은 스프레드를 기록했습니다. 이번 제안은 강한 수요를 보였으며, 최종 주문서가 3년 FXD 트랜치에서 17억 달러, 3년 FRN 트랜치에서 13억 달러, 5년 FRN 트랜치에서 5억 7천만 달러를 초과했습니다. 배급은 미국 투자자가 3년 FRN에서 59%, 3년 FXD 트랜치에서 40%를 차지하는 등 상당한 글로벌 관심을 보여주었습니다.
UOB (UOVEY) a réussi à émettre une obligation multi-tranche de 2 milliards de dollars américains en dollars américains, composée de trois tranches distinctes : une note à taux fixe de trois ans, une note à taux variable de trois ans et une note à taux variable de cinq ans. Les prix ont été fixés à Treasuries plus 40 points de base, SOFR plus 58 points de base et SOFR plus 65 points de base, respectivement.
L'émission a atteint l'écart le plus étroit pour les obligations FXD et FRN à 3 ans parmi les notes senior FIG en USD de la région APAC (hors Japon et Chine) depuis début 2022. L'offre a connu une forte demande, avec des livres de commandes finaux dépassant 1,7 milliard de dollars pour la tranche FXD à 3 ans, 1,3 milliard de dollars pour la tranche FRN à 3 ans et 570 millions de dollars pour la tranche FRN à 5 ans. La distribution a montré un intérêt global significatif, avec des investisseurs américains représentant 59 % de la tranche FRN à 3 ans et 40 % de la tranche FXD à 3 ans.
UOB (UOVEY) hat erfolgreich eine Multi-Tranche-Anleihe über 2 Milliarden US-Dollar in US-Dollar begeben, die aus drei verschiedenen Tranchen besteht: einer dreijährigen Festzinsanleihe, einer dreijährigen variablen Zinsanleihe und einer fünfjährigen variablen Zinsanleihe. Die Preissetzung erfolgte bei Treasuries plus 40 Basispunkte, SOFR plus 58 Basispunkte und SOFR plus 65 Basispunkte.
Die Emission erzielte den engsten Spread für 3-jährige FXD und FRN unter den USD FIG Senior Notes in der APAC-Region (ohne Japan und China) seit Anfang 2022. Das Angebot verzeichnete eine starke Nachfrage, wobei die finalen Orderbücher 1,7 Milliarden US-Dollar für die 3-jährige FXD-Tranche, 1,3 Milliarden US-Dollar für die 3-jährige FRN-Tranche und 570 Millionen US-Dollar für die 5-jährige FRN-Tranche überstiegen. Die Verteilung zeigte ein signifikantes globales Interesse, wobei US-Investoren 59% der 3-jährigen FRN und 40% der 3-jährigen FXD-Tranchen ausmachten.
- Achieved tightest spread for 3-year notes among APAC (ex-Japan/China) USD FIG senior notes since early 2022
- Strong demand with oversubscribed orderbooks across all tranches
- Successful pricing tightening by 25 basis points from initial guidance
- Significant international investor diversification, particularly strong US participation
- Zero to negative new issue concession across all tranches
- None.
UOB re-entered the US dollar market and took advantage of recent constructive markets and stable window with no key market-moving economic events or holidays and ahead of US President Trump's proposed tariffs on 2 April 2025. UOB also capitalised on the recent strong demand for front end floating rate and fixed rate senior paper from high quality bank issuers. This issuance further demonstrates UOB's commitment to reengage with global USD bond investors, particularly with US investors.
UOB achieved tight pricing and an upsized transaction due to robust market demand that is well-balanced across the three tranches. The Bank also achieved the tightest spread for 3-year FXD and FRN amongst APAC ex-
Ms Koh Chin Chin, Head of Group Treasury, Research and Customer Advocacy, UOB, said, "The USD market continues to be one of our deepest liquidity sources. After a brief hiatus, we set out to re-engage the widest global investor community and establish new benchmarks across different formats and tenors. Notwithstanding the growing headwinds, it has been very heartening to see such a solid reception from our real money investors, allowing us to surpass our size expectations at very competitive funding levels."
Salient points about this offering
- Nimble in navigation around recent volatility and geopolitical situation; intraday execution to minimise overnight risks
- Offered FXD and FRN tranches catering to both yield and spread buyers; offered 3-year and 5-year tenors catering to a larger group of target investors with different tenor preferences/requirements
- Zero new issue concession in both 3-year FXD and 3-year FRN tranches, negative 5 bp new issue concession in 5-year FRN tranche
- Strong momentum from Asian investors, allowing the Bank to tighten pricing by 25 bp for all tranches from initial pricing guidance to final pricing
- Global distribution targeting all pools of USD liquidity globally, including
59% to US investors for the 3-year FRN and40% to US investors for the 3-year FXD
Distribution Statistics
- 3-year FXD tranche
- Final orderbook >
US , with$1.7b nAsia ~54% , US ~40% and EMEA ~6% - Robust investor demand from Banks/Financial Institutions ~
43% , Fund Managers ~24% , Central Banks/Official Institutions/Insurance ~24% , Corporates ~6% , Others ~3% - 3-year FRN tranche
- Final orderbook >
US , with$1.3b nAsia ~35% , US ~59% and EMEA ~6% - Robust investor demand from Banks/Financial Institutions ~
37% , Fund Managers ~42% , Central Banks/Official Institutions/Insurance ~19% , Others ~2% - 5-year FRN tranche
- Final orderbook >
US , with$570m Asia ~93% , US ~2% and EMEA ~5% - Robust investor demand from Banks/Financial Institutions ~
61% , Fund Managers ~11% , Central Banks/Official Institutions/Insurance ~27% , Others ~1%
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SOURCE United Overseas Bank
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