UOB had made an announcement to investors immediately after the Bank's results (1H2024) release on Aug 1. This provided a first-mover advantage in light of more anticipated supply as more issuers globally are expected to tap the AUD senior market amidst peak redemptions in August.
UOB Sydney Branch has priced A$1 billion in four-year senior unsecured notes due 2028. The notes were priced on Aug 2 at the Bank Bill Swap Rate (BBSW) plus 0.74%. The issuance is the largest conventional AUD single-tranche senior bond from a Singaporean Issuer with the tightest spread for a benchmark-sized four-year AUD transaction from an Asian bank, and priced 1-2 bps inside a Singaporean bank's fair value and flat to inside theoretical new major bank pricing.
