Obligation United Global Bank Ltd 0.5% ( XS1750083229 ) en EUR

United Global Bank Ltd

100 % ▲

Singapour

XS1750083229 ( en EUR )

0.5% par an ( paiement annuel )

15/01/2025 - Obligation échue

Prospectus brochure de l'obligation United Overseas Bank Ltd XS1750083229 en EUR 0.5%, échue

100 000 EUR

500 000 000 EUR

United Overseas Bank Ltd (UOB) est une banque multinationale basée à Singapour, offrant une large gamme de services bancaires aux particuliers, entreprises et institutions dans l'Asie-Pacifique, ainsi qu'à l'échelle mondiale.

Une analyse rétrospective révèle les caractéristiques de l'obligation de type Eurobond portant le code ISIN XS1750083229, émise par United Overseas Bank Ltd (UOB), une institution financière majeure basée à Singapour et reconnue pour sa solidité dans le paysage bancaire asiatique et international. Cette émission, d'une taille totale de 500 millions d'euros, était libellée en euros (EUR) et avait été structurée pour atteindre sa maturité le 15 janvier 2025. Elle offrait un taux d'intérêt annuel fixe de 0,5%, avec des paiements de coupons effectués une fois par an, et la taille minimale d'achat pour cette opération était fixée à 100 000 euros. Conformément à ses termes et conditions, cette obligation a atteint sa date d'échéance et a été intégralement remboursée à 100% de sa valeur nominale aux porteurs, marquant la clôture réussie de cette période d'investissement.

EXECUTION VERSION

MiFID II product governance / Professional investors and ECPs only target market Solely for
the purposes of each manufacturer's product approval process, the target market assessment in
respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered
Bonds is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU
(as amended, "MiFID II"); and (i ) all channels for distribution of the Covered Bonds to eligible
counterparties and professional clients are appropriate. Any person subsequently offering, selling or
recommending the Covered Bonds (a "distributor") should take into consideration the manufacturers'
target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its
own target market assessment in respect of the Covered Bonds (by either adopting or refining the
manufacturers' target market assessment) and determining appropriate distribution channels.

Pricing Supplement dated 9 January 2018
UNITED OVERSEAS BANK LIMITED
(incorporated with limited liability in the Republic of Singapore)
(Company Registration Number 193500026Z)
Issue of 500,000,000 0.500 per cent. Covered Bonds due 2025
unconditionally and irrevocably guaranteed as to payments of interest and principal by
Glacier Eighty Pte. Ltd.
(incorporated with limited liability in the Republic of Singapore)
(Company Registration Number 201531119W)
under the U.S.$8,000,000,000 Global Covered Bond Programme
PART A CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth
in the Offering Circular dated 17 February 2017 (the "Offering Circular"). This document constitutes
the Pricing Supplement of the Covered Bonds described herein and must be read in conjunction with
the Of ering Circular. Full information on the Issuer, the CBG and the offer of the Covered Bonds is
only available on the basis of the combination of this Pricing Supplement and the Of ering Circular.
The Of ering Circular has been published on the SGX-ST website.
Where interest, discount income, prepayment fee, redemption premium or break cost is derived from
any of the Covered Bonds by any person who is not resident in Singapore and who carries on any
operations in Singapore through a permanent establishment in Singapore, the tax exemption available
for qualifying debt securities (subject to certain conditions) under the Income Tax Act, Chapter 134 of
Singapore (the "Income Tax Act"), shal not apply if such person acquires such Covered Bonds using
the funds and profits of such person's operations through a permanent establishment in Singapore.
Any person whose interest, discount income, prepayment fee, redemption premium or break cost
derived from the Covered Bonds is not exempt from tax (including for the reasons described above)
shal include such income in a return of income made under the Income Tax Act.

1

(i)
Issuer:
United Overseas Bank Limited

(ii) Covered Bond Guarantor:
Glacier Eighty Pte. Ltd.

(iii) Calculation Agent:
Deutsche Bank AG, Hong Kong Branch
2

(i) Series Number:
4

1

(i ) Tranche Number:
1

(i i) Date on which the Covered Bonds
Not Applicable
become fungible:
3

Specified Currency or Currencies:
EUR//euro
4

Aggregate Nominal Amount:
EUR 500,000,000
5

Issue Price:
99.412 per cent. of the Aggregate Nominal
Amount
6

(i)
Specified Denominations:
100,000 and integral multiples of 1,000 in
excess thereof

(ii) Calculation Amount:
1,000
7

(i)
Issue Date:
16 January 2018

(ii) Interest Commencement Date
Issue Date
8

(i)
Maturity Date:
16 January 2025

(ii) Extended Due for Payment Date of Applicable
Guaranteed
Amounts Interest Payment Date falling on or nearest to
corresponding
to
the
Final 16 January 2026
Redemption Amount under the
Covered Bond Guarantee:
9

Interest Basis:
For the period from the Issue Date up to but
excluding the Maturity Date:
0.500 per cent. Fixed Rate payable annually in
arrear (further particulars specified below)
(see paragraph 14 below)

For the period from and including the Maturity
Date up to but excluding the Extended Due for
Payment Date:
1 Month EURIBOR plus 0.170 per cent. per
annum payable monthly in arrear (further
particulars specified below)
(see paragraph 15 below)
10
Redemption/Payment Basis:
Subject to any purchase and cancellation or
early redemption, the Covered Bonds wil be
redeemed on the Maturity Date at 100 per
cent. of their nominal amount.
11
Change of Interest Basis:
Applicable, see paragraph 9 above
12
Put/Call Options:
Not Applicable
13
Covered Bond Swap:

(i)
Covered Bond Swap Provider:
United Overseas Bank Limited

2

(ii) Nature of Covered Bond Swap:
Forward Starting (i.e. entered into on the Issue
Date but no cashflows wil be exchanged
under such Covered Bond Swap unless and
until service of a Notice to Pay on the CBG
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14
Fixed Rate Covered Bond Provisions:
Applicable from and including the Issue Date
to but excluding the Maturity Date

(i)
Rate of Interest:
0.500 per cent. per annum payable annually in
arrear on each Interest Payment Date

(ii) Interest Payment Date(s):
16 January in each year commencing on the
Interest Payment Date falling on 16 January
2019 and ending on the Maturity Date

(iii) Fixed Coupon Amount(s):
EUR5.00 per Calculation Amount

(iv) Broken Amount(s):
Not Applicable

(v) Day Count Fraction:
Actual/Actual (ICMA)

(vi) Determination Dates:
16 January in each year
15
Floating Rate Covered Bond Provisions
Applicable from and including the Maturity
Date to but excluding the Extended Due for
Payment Date

(i)
Interest Period(s):
The period beginning on and including the
Maturity Date and ending on but excluding the
first Specified Interest Payment Date and each
successive period beginning on and including
a Specified Interest Payment Date and ending
on but excluding the next succeeding Specified
Interest Payment Date, subject to adjustment
in accordance with the Business Day
Convention set out in (v) below

(ii) Specified Interest Payment Dates:
The 16th calendar day of each month
commencing on but excluding the Maturity
Date and ending on the Extended Due for
Payment Date, subject to adjustment in
accordance with the Business Day Convention
set out in (v) below

(iii) Interest Period Date:
Specified Interest Payment Date

(iv) First Specified Interest Payment 16 February 2025
Date:

(v) Business Day Convention:
Modified Fol owing Business Day Convention

(vi) Business Centre(s):
London, Singapore, TARGET 2

(vii) Manner in which the Rate(s) of Screen Rate
Interest is/are to be determined:
Determination

3

(viii) Party responsible for calculating the Not Applicable
Rate(s) of Interest and/or Interest
Amount(s) (if not the Agent):

(ix) Screen Rate Determination:

Reference Rate:
1 month EURIBOR

Interest Determination Date(s):
The day falling two TARGET Business Days
prior to the first day of the Interest Accrual
Period

Relevant Screen Page:
The display page designated EURIBOR01 on
Reuters at 11.00 a.m. (Brussels time) on the
Interest Determination Date

(x) ISDA Determination:
Not Applicable

(xi) Margin(s):
+0.170 per cent. per annum

(xii) Minimum Rate of Interest:
Not Applicable

(xiii) Maximum Rate of Interest:
Not Applicable

(xiv) Day Count Fraction:
Actual/360
PROVISIONS RELATING TO REDEMPTION
16
Call Option
Not Applicable

17
Put Option
Not Applicable

18
Final Redemption Amount of each
EUR1,000 per Calculation Amount
Covered Bond:
19
Early Redemption Amount:

Early Redemption Amount(s) per
EUR1,000 per Calculation Amount
Calculation Amount payable on
redemption for taxation reasons or on
event of default or other early
redemption:
20
Details relating to redemption by
Not Applicable
Instalments: amount of each instalment
("Instalment Amount"), date on which
each payment is to be made
("Instalment Date"):
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
21
Form of Covered Bonds:
Registered Covered Bonds:
Regulation S Global Covered Bond (EUR
500,000,000 nominal amount) registered in the
name of a nominee for a common depositary
for Euroclear and Clearstream, Luxembourg

4

22
Financial Centre(s):
London, Singapore, TARGET 2
23
Talons for future Coupons to be
Not Applicable
attached to Definitive Covered Bonds
(and dates on which such Talons
mature):

5

PART B OTHER INFORMATION
24 LISTING AND ADMISSION TO TRADING

(i)
Admission to trading:
Application is expected to be made by the
Issuer (or on its behalf) for the Covered Bonds
to be admitted to trading on SGX-ST with
effect from one business day after issuance.

25 RATINGS

Ratings:
The Covered Bonds to be issued are expected
to be rated:

S&P: AAA

Moody's: Aaa

26 INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE/OFFER

Save for any fees payable to the Managers, so far as the Issuer is aware, no person
involved in the offer of the Covered Bonds has an interest material to the offer. The
Managers and their affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions with, and may perform other services for,
the Issuer and the CBG and their affiliates in the ordinary course of business.
27 Fixed Rate Covered Bonds only YIELD

Indication of yield:
0.586 per cent.

The yield is calculated at the Issue Date on the
basis of the Issue Price. It is not an indication
of future yield.
28 OPERATIONAL INFORMATION

ISIN:
XS1750083229

Common Code:
175008322

CMU Instrument Number:
Not Applicable

Any clearing system(s) other than
Not Applicable
Euroclear Bank SA/NV, Clearstream
Banking, S.A., the CMU and CDP and
the relevant identification number(s):

Delivery:
Delivery against payment

Names and addresses of additional
Not Applicable
Paying Agent(s) (if any):

29 DISTRIBUTION

(i)
Method of distribution:
Syndicated

7

(ii) If syndicated:

(A) Names of Managers:
Deutsche Bank AG, Frankfurt
HSBC France
Norddeutsche Landesbank Girozentrale
UBS Limited
United Overseas Bank Limited

(B) Stabilisation Manager(s) (if
HSBC France
any):

(iii) If non-syndicated, name of Dealer:
Not Applicable

(iv) US Selling Restrictions:
Reg. S Compliance Category 2;
TEFRA not applicable

8

ANNEX 1
SUPPLEMENTARY INFORMATION

The Issuer accepts responsibility for the information contained in this Annex 1. To the best of its
knowledge (having taken all reasonable care to ensure that such is the case) the information
contained in this Annex 1 is in accordance with the facts and does not omit anything likely to affect the
import of such information.
To the fullest extent permitted by law, none of Deutsche Bank AG, Frankfurt, HSBC France,
Norddeutsche Landesbank Girozentrale , UBS Limited and United Overseas Bank Limited (the
"Lead Managers") accepts any responsibility or liability for the contents of this Annex 1, for the
information incorporated by reference into the Offering Circular, or for any other statement, made or
purported to be made by the Lead Managers or on their behalf in connection with the Issuer or the
issue and offering of the Covered Bonds. Each Lead Manager accordingly disclaims all and any
liability whether arising in tort or contract or otherwise which it might otherwise have in respect of this
Annex 1 or any such statement.
RECENT DEVELOPMENTS
Contravention of MAS Notice 626
By its letter dated 18 May 2017, MAS notified that UOB had breached section 27B(2) of the MAS Act
by virtue of UOB's contravention of paragraphs 4.21, 4.22, 4.23 and 12.2 of MAS Notice 626 on the
Prevention of Money Laundering and Countering the Financing of Terrorism in respect of weaknesses
in conducting due diligence on customers and inadequate scrutiny of customers' transactions and
activities. MAS did not however detect pervasive control weaknesses and had offered to compound
the offences for a sum of S$900,000. UOB had accepted the offer of composition.
UOB Vietnam
In September 2017, UOB received a licence from the State Bank of Vietnam to establish and operate
a 100% foreign owned subsidiary bank in Vietnam. UOB is the first Singapore-headquartered bank to
receive such licence. The licence enables UOB to extend its branch network beyond Ho Chi Minh City
and to offer its products and financial services to businesses and consumers in other cities. This is
expected to give UOB full access to the domestic market of Vietnam.
Merger of Far Eastern Bank Limited into United Overseas Bank Limited
In October 2017, UOB entered into a merger with its wholly-owned subsidiary Far Eastern Bank
Limited ("FEB"), whereby the business and all of the property vested in or belonging to FEB and all of
the liabilities to which FEB was subject were transferred to and vested in UOB.
Exclusivity Talks for Possible Sale of Shares in Hengfeng Bank Co., Ltd, China
UOB announced on 26 October 2017 that it is in exclusive talks with Shandong Lucion Investment
Holdings Group Co., Ltd. ("Lucion") regarding a possible sale (the "Proposed Sale") of UOB's shares
in Hengfeng Bank Co., Ltd, China. Lucion is whol y-owned by Shandong Provincial State-owned
Assets Supervision and Administration Commission (70%) and Shandong Provincial Council for Social
Security Fund (30%). No definitive agreements have been entered into regarding the Proposed Sale.
Changes to the Board of Directors
Wong Meng Meng retired as a Director on 20 April 2017.
The following persons were appointed to the Board of Directors on 27 July 2017:

9