United Overseas Bank (UOB) intends to issue EUR750 million ($1.2 billion) covered bonds as the ninth series under its US$8 billion ($10.7 billion) Global Covered Bond Programme.

According to UOB, the covered bonds mark the longest-dated covered bond by a Singapore bank with an eight-year tenor.

The covered bonds, which are Euro-denominated, will carry a coupon of 0.01% per annum. They will be issued at 99.809% of the principal amount of the covered bonds on May 25 and will mature on May 25, 2029.

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