KUALA LUMPUR, Oct 25 (Bernama) -- United Overseas Bank (Malaysia) Bhd (UOB Malaysia) has successfully priced RM1 billion of Tier 2 subordinated medium term notes (MTN) due in October 2032.
The issuance is callable, or redeemable, in October 2027 at a fixed coupon rate of 4.9 per cent per annum.
Its chief executive officer Ng Wei Wei said “the successful transaction, reflected by the strong rating and the tight pricing achieved is a testament to UOB Malaysia’s solid credit profile and robust business fundamentals.”
“Despite the volatile market environment, we received investors’ positive response to the bank’s Basel III-compliant Tier 2 MTN, leading to the largest local currency-denominated issuance thus far,” she said in a statement.
The subordinated debt, rated AA1 by RAM Rating Services, was privately placed to more than 20 high quality institutional investors including insurance companies, fund managers, statutory bodies, banks, and private banks.
The robust demand from investors also saw the issuance size increase from the initial target of RM500 million to RM1 billion.
CIMB Investment Bank, HSBC Bank Malaysia, and UOB Malaysia acted as joint lead managers for the transaction.
-- BERNAMA
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