United Overseas Bank Ltd. issued its debut onshore Chinese yuan-denominated bond, the first panda bond from Singapore.

The bank raised 2 billion yuan from the three-year bond offer, which was priced at 3.49%. Panda bonds are yuan-denominated bonds issued by foreign companies.

The issue helped the bank diversify its investor base and promoted the development of China's panda bond market.

Bank of China was the lead underwriter and lead book runner, while China Securities Co. Ltd. and Standard Chartered Bank (China) Ltd. acted as joint lead underwriters and joint book runners.