UOB, on Sept 15, has priced £850 million ($1.58 billion) worth of floating rate covered bonds under the US$8 billion ($10.74 billion) Global Covered Bond Programme.
The GBP-denominated bonds will use the compounded daily Sterling overnight interest rate average (SONIA) as its interest basis, making UOB the first issuer in Singapore to do so.
The issuance follows UOB’s consent solicitation for the conversion of the interest basis for its £350 million floating rate covered bonds due 2023 from the Sterling LIBOR to Compounded Daily SONIA in July 2021.
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