According to China Chengxin International Credit Rating Co’s rating report dated July 1, UOB has an onshore credit rating of “AAA”. The credit rating agency has also assigned the bonds an onshore credit rating of “AAA”.
United Overseas Bank (UOB) has priced RMB5 billion ($923.4 million worth of renminbi bonds. The bonds will mature three years from its issue date, which is expected to be Oct 22, and will carry a coupon of 2.3% per annum, payable annually in arrear.
This is the bank’s first panda bond since 2019, says the bank in its Oct 22 announcement.
