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United Overseas Bank to issue US$650M of securities

United Overseas Bank Ltd. intends to issue US$650 million of subordinated unsecured noncumulative capital securities on Oct. 19.

The perpetual securities will carry a fixed distribution rate of 3.875% per year and will qualify as Additional Tier 1 capital, the bank said.

The nonconvertible securities will be issued under the bank's S$15 billion euro medium-term note program.

As of Oct. 11, US$1 was equivalent to S$1.36.