Commentary & Deal Flow

Reoffer: 2yr: MS+7bp / 100 / 3.118% 5yr: MS+24bp / 100 / 3.342%
Benchmark: 2yr: DBR 0.25% Aug-28 @ 95.227 / B+33.8bp 5yr: DBR 0% Aug-31 @ 86.678 / B+42bp

Tranche 1 (2yr): Final Books ~€2bn at reoffer. Peak book €2.25bn (incl. €100m JLMs)
Tranche 2 (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
• Exp. 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
• ISIN:
  • 2yr: XS3489296072
  • 5yr: XS3489296403
• Reoffer:
  • 2yr: MS+7bp / Yld 3.118% / Px 100
  • 5yr: MS+24bp / Yld 3.342% / Px 100
• Benchmark:
  • 2yr: DBR 0.25% Aug-28 33.8bp (@95.227% - HR 105%)
  • 5yr: DBR 0% Aug-31 + 42bp (@86.678% - HR 109%)
• Coupon:
  • 2yr: 3.118%, fixed, Annual, ACT/ACT (ICMA), unadjusted
  • 5yr: 3.342%, fixed, Annual, ACT/ACT (ICMA), unadjusted
• 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 (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:
  • 2yr: Priced - TOE 15:30 UKT / 16:30 CET and FTT 15:50 UKT / 16:50 CET
  • 5yr: Priced - TOE 15:32 UKT / 16:32 CET and FTT 15:50 UKT / 16:50 CET