Distributions will be payable semi-annually in arrear unless cancelled by the bank.
United Overseas Bank (UOB) (SGX:U11
) says it intends to issue $850 million worth of perpetual capital securities under its US$30 billion ($38.63 billion) global medium term note programme.
The securities will bear a fixed distribution rate of 3% per annum and is subject to a reset on Jan 21, 2033 and every seven years thereafter. The rate will be fixed to a figure equal to the then-prevailing seven-year Singapore overnight rate average overnight indexed swap (Sora-OIS) plus the initial spread of 0.94%.
