United Overseas Bank, Singapore’s third-largest lender by assets, sold $1.28 billion of euro and dollar covered bonds on Wednesday, as enthusiasm for the mortgage-backed securities continues to grow in Asia.
The Singapore lender, rated Aa1AA-AA- by Moody’sSPFitch, issued a $500 million three-year note and another 500 million $528 million five-year note, two days after it sold a S$750 million tier-2 bond to Singapore-dollar investors. It is the first dual-currency covered bond deal from an Asian issuer.
The deal follows Singaporean rival DBS's maiden foray into euro-denominated covered bonds in January, reflecting strong appetite among European investors for the...
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