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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.
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