Preference Shares & Notes

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Level
Currency
Issue Date
Maturity Date
Description
Credit Ratings
Moody's
Standard & Poor's
Fitch
Additional
Tier 1
S$ November 2013 Perpetual S$500 million 4.75% non-cumulative non-convertible perpetual capital securities A3 Not Available BBB
Additional
Tier 1
S$ July 2013 Perpetual S$850 million 4.90% non-cumulative non-convertible perpetual capital securities A3 Not Available BBB
Additional
Tier 1
US$ December 2005 Perpetual US$500 million non-cumulative non-convertible guaranteed SPV-A preference shares A3 BBB BBB
Tier 2 S$ May 2014 May 2026 S$500 million 3.50% subordinated notes due 2026 callable in 2020 A2 Not Available A+
Tier 2 US$ March 2014 September 2024 US$800 million 3.75% subordinated notes due 2024 callable in 2019 A2 Not Available A+
Tier 2 S$ July 2012 July 2022 S$1.2 billion 3.15% subordinated notes due 2022 callable in 2017 Aa3 A+ A+
Tier 2 S$ April 2011 April 2021 S$1 billion 3.45% subordinated notes due 2021 callable in 2016 Aa3 A+ A+
Tier 2 US$ October 2012 October 2022 US$500 million 2.875% subordinated notes due 2022 callable in 2017 Aa3 A+ A+
For more information relating to the above issuances, please click here.

S$500 million 4.75% non-cumulative non-convertible perpetual capital securities

The non-cumulative non-convertible perpetual capital securities were issued by the Bank on 19 November 2013. Distributions are payable semi-annually at a fixed rate of 4.75% per annum from 19 November 2013 to (but excluding) 19 November 2019. From (and including) 19 November 2019 onwards, the rate of distribution will be reset to a fixed rate equal to the prevailing six-year Singapore Dollar Swap Offer Rate plus the initial spread of 2.92%.

The capital securities are perpetual securities and have no fixed final redemption date. However, the capital securities may be redeemed at par on the first call date and subsequent distribution payment dates thereafter, or at the occurrence of a tax event or change of qualification event, subject to the approval of the Monetary Authority of Singapore and other redemption conditions. As a Basel III capital instrument, the capital securities can be written off in whole or in part if the Bank was determined by the Monetary Authority of Singapore to be non-viable.

S$850 million 4.90% non-cumulative non-convertible perpetual capital securities

The non-cumulative non-convertible perpetual capital securities were issued by the Bank on 23 July 2013. Distributions are payable semi-annually at a fixed rate of 4.90% per annum from 23 July 2013 to (but excluding) 23 July 2018. From (and including) 23 July 2018 onwards, the rate of distribution will be reset to a fixed rate equal to the prevailing five-year Singapore Dollar Swap Offer Rate plus the initial spread of 3.195%.

The capital securities are perpetual securities and have no fixed final redemption date. However, the capital securities may be redeemed at par on the first call date and subsequent distribution payment dates thereafter, or at the occurrence of a tax event or change of qualification event, subject to the approval of the Monetary Authority of Singapore and other redemption conditions. As a Basel III capital instrument, the capital securities can be written off in whole or in part if the Bank was determined by the Monetary Authority of Singapore to be non-viable.

US$500 million non-cumulative non-convertible guaranteed SPV-A preference shares

The non-cumulative non-convertible guaranteed SPV-A preference shares of US$0.01 each with liquidation preference of US$100,000 per share were issued on 13 December 2005 by the Bank via its wholly-owned subsidiary, UOB Cayman I Limited. The entire proceeds were used by the subsidiary to subscribe for the US$0.5 billion subordinated note issued by the Bank.

Dividends on the shares are payable at the sole discretion of the Bank semi-annually at an annual rate of 5.796% of the liquidation preference from 15 March 2006 to and including 15 March 2016. After 15 March 2016, dividends are payable quarterly at a floating rate per annum equal to the three month LIBOR plus 1.745%. The shares are perpetual securities with no maturity date. They are redeemable in whole but not in part, (a) for cash at the discretion of the subsidiary on any dividend payment date on or after 15 March 2016, or (b) at the discretion of the Bank, for cash or for one Class A preference share per subsidiary preference share in the event of certain changes in the tax laws of Singapore or the Cayman Islands, or on any day after 13 December 2010 on the occurrence of certain events. Upon occurrence of the Substitution Event, the SPV-A shares will be automatically redeemed. Any redemption is subject to the approval of the MAS and certain other conditions.

The shares are guaranteed by the Bank on a subordinated basis in respect of dividends and redemption payments. In the event of any dividend or guaranteed payment with respect to the shares is not paid in full, the Bank and its subsidiaries (other than those carrying on banking business) that have outstanding preference shares or other similar obligations that constitute Tier 1 capital of the Group on an unconsolidated basis are estopped from declaring and paying any dividends or other distributions in respect of their ordinary shares or any other security or obligation of the Group ranking pari passu with or junior to the subordinated guarantee.

S$500 million 3.50% subordinated notes due 2026 callable in 2020

The S$500m 3.50% subordinated notes were issued by the Bank at par on 22 May 2014 and will mature on 22 May 2026. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 22 May 2020, or at the occurrence of a tax event or change of qualification event, subject to the prior approval of the Monetary Authority of Singapore and other redemption conditions. Interest is payable semi-annually at a fixed rate of 3.50% per annum up to but excluding 22 May 2020. From and including 22 May 2020, the interest rate shall be reset to a fixed rate equal to the prevailing Singapore 6-year Swap Offer Rate on 22 May 2020 plus 1.607%. As a Basel III capital instrument, the subordinated notes can be written off in whole or in part if the Bank was determined by the Monetary Authority of Singapore to be non-viable.

US$800 million 3.75% subordinated notes due 2024 callable in 2019

The US$800 million 3.75% subordinated notes were issued by the Bank at 99.357 on 19 March 2014 and will mature on 19 September 2024. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 19 September 2019, or at the occurrence of a tax event or change of qualification event, subject to the prior approval of the Monetary Authority of Singapore and other redemption conditions. Interest is payable semi-annually at a fixed rate of 3.75% per annum up to but excluding 19 September 2019. From and including 19 September 2019, the interest rate shall be reset to a fixed rate equal to the prevailing United States Dollar 5-year Mid Swap Rate on 19 September 2019 plus 1.995%. As a Basel III capital instrument, the subordinated notes can be written off in whole or in part if the Bank was determined by the Monetary Authority of Singapore to be non-viable.

S$1.2 billion 3.15% subordinated notes due 2022 callable in 2017

The S$1.2 billion 3.15% subordinated notes were issued by the Bank at par on 11 July 2012 and will mature on 11 July 2022. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 11 July 2017 or any subsequent interest payment date, or on any date in the event of certain changes in the tax laws of Singapore, subject to the prior approval of the Monetary Authority of Singapore and certain other conditions. Interest is payable semi-annually at a fixed rate of 3.15% per annum up to and including 10 July 2017. From and including 11 July 2017, the interest rate shall be reset to a fixed rate equal to the prevailing 5-year Singapore Dollar Interest Rate Swap Offer Rate on 11 July 2017 plus 2.115%.

S$1 billion 3.45% subordinated notes due 2021 callable in 2016

The S$1 billion 3.45% subordinated notes were issued by the Bank at par on 1 April 2011 and will mature on 1 April 2021. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 1 April 2016 or any subsequent interest payment date, or on any date in the event of certain changes in the tax laws of Singapore, subject to the prior approval of the Monetary Authority of Singapore and certain other conditions. Interest is payable semi-annually at a fixed rate of 3.45% per annum up to and including 31 March 2016. From and including 1 April 2016, the interest rate shall be reset to a fixed rate equal to the prevailing five-year Singapore Dollar Interest Rate Swap Offer Rate on 1 April 2016 plus 1.475%.  

US$500 million 2.875% subordinated notes due 2022 callable in 2017

The US$500million 2.875% subordinated notes were issued by the Bank at 99.575 on 17 October 2012 and will mature on 17 October 2022. The notes may be redeemed at par at the option of the Bank, in whole but not in part, on 17 October 2017 or any subsequent interest payment date, or on any date in the event of certain changes in the tax laws of Singapore, subject to the prior approval of the Monetary Authority of Singapore and certain other conditions. Interest is payable semi-annually at a fixed rate of 2.875% per annum up to and excluding 17 October 2017. From and including 17 October 2017, the interest rate shall be reset to a fixed rate equal to the prevailing 5-year U.S. Treasury Rate on 17 October 2017 plus initial spread (2.30%).

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