Commentary & Deal Flow

2yr: Final Books ~€2bn at reoffer. Peak book €2.25bn (incl. €100m JLMs)
5yr: Final Books ~€1.9bn at reoffer. Peak book €2bn (incl. €100m JLMs)

Launched: 2yr: €500m @ MS+7bp - Books €2.25bn (incl. €100m JLMs) 5yr: €500m @ MS+24bp - Books €2bn (incl. €100m JLMs)
Book Update: Combined Books above €3.9bn (incl. €200m JLMs) - equal skew
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
  • 5yr: €500m
• Settlement: 08-Sep-26
• Maturity:
  • 2yr: 08-Sep-28
  • 5yr: 08-Sep-31
• Listing / Denoms: SGX-ST / €100,000 + 1,000
• 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 (B&D), 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: Books to close at 13:30 CET. Allocation and pricing this pm.
• Pricing: At par
• Hedge Deadline: 15:05 UKT / 16:05 CET
• Benchmark:
  • 2yr: DBR 2.5% Aug-28 / HR 101%
  • 5yr: DBR 0% Aug-31 / HR 109%
• ISIN:
  • 2yr: XS3489296072
  • 5yr: XS3489296403