Singapore's United Overseas Bank Ltd. will issue £350 million of bonds under its US$8 billion global covered bond program.

The bonds have a floating coupon rate of 24 basis points above the three-month sterling LIBOR. The coupon will be paid on a quarterly basis, according to a Feb. 22 release.

The bank expects to issue the notes on Feb. 28. It will mature on Feb. 28, 2023, or on the nearest interest payment date.

The bonds will be listed on the Singapore stock exchange. United Overseas Bank Ltd., Credit Suisse Securities (Europe) Ltd. and HSBC Bank plc were named as lead managers for the issue.