Commentary & Deal Flow

Guidance: 2yr: MS+15a 5yr: MS+30a

• Issuer: United Overseas Bank Limited
• LEI: IO66REGK3RCBAMA8HR66
• Guarantor: Glacier Eighty Pte. Ltd.
• Type: Singapore Covered Bond backed by 100% SGD denominated Singaporean residential mortgage loans regulated under MAS Notice 648 pursuant to the Banking Act in Singapore, ECBC Covered Bond Label Compliant
• Expected Issue Ratings: Aaa / AAA (Moody's / S&P)
• Issuer Ratings: Aa1 (stable) / AA- (stable) (Moody's / S&P)
• Format: Reg S (Cat 2), Registered, TEFRA not applicable
• Size:
  • 2yr: €500m WNG
  • 5yr: €500m WNG
• Settlement: 04-Sep-26
• Maturity:
  • 2yr: 04-Sep-28
  • 5yr: 04-Sep-31
• Listing / Denoms: SGX-ST / € 100k + 1k
• Clearing: Euroclear/Clearstream
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No PRIIPs key information document (KID)/CCI product summary has been prepared as not available to retail investors in EEA or in the UK.
• Governing Law: English Law (bond and swap documents) and Singapore Law (asset documents)
• Joint Lead Managers: BMO Capital Markets, BNP Paribas, Commerzbank, DZ BANK, Standard Chartered Bank and United Overseas Bank
• Documentation: Issued under the U.S.$ 15bn Global Covered Bond Programme dated 20-Mar-26, as supplemented
• Timing: Today's business