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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
UOBSP
United Overseas Bank Ltd€1,000
2APAC
Aug 26, 2026
currency
EUR
size (m)
500.000
maturity
Sep 8, 2028
type
Fixed
tenor
2.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
AAA
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
-
ipt-pxd
-8
guidance
MS+15 area
spread
7
coupon
3.118%
spread set
-
price
100.00000
yield
3.118%
book size (m)
2,000
peak book (m)
2,250
x-covered
4
book attrition
-11.11%
nic
-2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
2,000
peak book (m)
2,250
x-covered
4
book attrition
-11.11%
nic
-2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
currency
EUR
size (m)
500.000
maturity
Sep 8, 2031
type
Fixed
tenor
5.000
call
-
registration
Reg S Only
benchmark
Swaps
ranking
Covered Bond
moody's
Aaa
s&p
AAA
fitch
-
size description
Will Not Grow
re-open/tap
No
ipt
-
ipt-pxd
-6
guidance
MS+30 area
spread
24
coupon
3.342%
spread set
-
price
100.00000
yield
3.342%
book size (m)
1,900
peak book (m)
2,000
x-covered
3.8
book attrition
-5.00%
nic
2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,900
peak book (m)
2,000
x-covered
3.8
book attrition
-5.00%
nic
2
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 2000; Registration: Reg S Only; Comments: DBR 0.25% 08/28 33.8bps (@95.227% - HR 105%). LEI: IO66REGK3RCBAMA8HR66; Book size: 1900; Registration: Reg S Only; Comments: DBR 0% 08/31 + 42bps (@86.678% - HR 109%). LEI: IO66REGK3RCBAMA8HR66;
Deal Comments
Combined Books >EUR 3.9bn (incl EUR200m JLMs) - equal skew
Guarantor(s)
Glacier Eighty Pte Ltd
Relative Value

Covered
2yr (Sep 2028) @ MS+15a

Implied Spread for fresh 2yr @ MS+9

Priced at MS+7
NIC of -2

Covered
5yr (Sep 2031) @ MS+30a

Implied Spread for fresh 5yr @ MS+22

Priced at MS+24
NIC of +2


COMPS

Ticker

Coupon

Rating

Issue Date

Maturity Date

Size

I+(mid)

OCBCSP

‌2.989

Aaa/-/AAA

‌May-26

‌May-29

500M

11

DBSSP

‌3.239

Aaa/-/AAA

‌Aug-26

‌Aug-30

2,000M

18