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United Overseas Bank to issue US$500M of covered bonds

United Overseas Bank Ltd. plans to issue US$500 million of covered bonds.

The covered bonds were priced at 99.694% of the principal amount with a coupon of 1.625% per year. They will mature on Sept. 5, 2022.

The bonds are expected to be issued on Sept. 5 under the bank's US$8 billion global covered bond program. The will be listed on the Singapore Exchange Securities Trading Ltd.

United Overseas Bank, Credit Suisse Securities (Europe), HSBC Bank, ING Bank's Singapore branch and UBS's London branch will act as the lead managers for the issuance.