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UOB shares closed up 0.7 percent at $26.41 on July 10 (Image via: Human Resources Online)
UOB Prices $750m on Perpetual Securities
On Thursday, UOB revealed that $750 million is the price on 3.58 percent perpetual securities. It is an additional tier one perpetual capital securities. The issue will be applied at initial spread of 1.795 percent above Singapore dollar Swap Offer Rate (SOR). UOB set the date for the securities first callable on 17 July 2026. The date coincides with the first reset for the interest rate. As for the interest payment, it will be done semi-anually.The UOB securities will be rated Baa1 by Moody's Investors Service, BBB- by Standard & Poor's Rating Services, and BBB by Fitch Ratings. The Baa1 rating from Moody’s means that the securities are medium-grade and have moderate credit risk. The rating is considered high, but with some speculative characteristics. The BBB-minus by Standard & Poor's Rating Services rating indicates adequate protection parameters. However, the adverse economic conditions or other changes potentially decrease ability to meet securities’ obligations. Then the minus means the rating could be lowered. Fitch’s BBB reveales a good credit quality with a low default risk. Nevertheless, the adverse business or economic conditions can damage the ability to meet financial commitments. By all means, the securities are adequate enough to meet obligations with some issues need to be anticipated.
The securities can be written down permanently when there is a loss absorption event. The distributions also can be cancelled. The condition includes the Monetary Authority of Singapore notification for UOB that the write down is necessary. The second one if there is a public sector injection of capital or similar events. Despite all of it, UOB is the sole global coordinator for the perpetual securities. The bank will be the joint lead manager along with ANZ, Standard Chartered Bank (Singapore), HSBC’s Singapore, and UBS’ Singapore. Therefore, the position of UOB is stil secured to issue the price on perpetual securities.
Source: https://www.straitstimes.com/business/companies-markets/uob-prices-750m-358-perpetual-securities
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