Obligation United Global Bank Ltd 0.304% ( XS1781700742 ) en GBP

United Global Bank Ltd

100 % ▲

Singapour

XS1781700742 ( en GBP )

0.304% par an ( paiement trimestriel )

27/02/2023 - Obligation échue

Prospectus brochure de l'obligation United Overseas Bank Ltd XS1781700742 en GBP 0.304%, échue

100 000 GBP

350 000 000 GBP

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.

L'Obligation émise par United Global Bank Ltd ( Singapour ) , en GBP, avec le code ISIN XS1781700742, paye un coupon de 0.304% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le 27/02/2023

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 21 February 2018
UNITED OVERSEAS BANK LIMITED
(incorporated with limited liability in the Republic of Singapore)
(Company Registration Number 193500026Z)
Issue of £350,000,000 Floating Rate Covered Bonds due 2023
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 15 February 2018 (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

1

2

(i) Series Number:
5

(i ) Tranche Number:
1

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

Specified Currency or Currencies:
Sterling (GBP or £)
4

Aggregate Nominal Amount:
£350,000,000
5

Issue Price:
100.00 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:
28 February 2018

(ii) Interest Commencement Date
Issue Date
8

(i)
Maturity Date:
Interest Payment Date falling on or nearest to
28 February 2023

(ii) Extended Due for Payment Date of Applicable
Guaranteed
Amounts Interest Payment Date falling on or nearest to
corresponding
to
the
Final 28 February 2024
Redemption Amount under the
Covered Bond Guarantee:
9

Interest Basis:
For the period from the Issue Date up to but
excluding the Maturity Date:
Three Month Sterling LIBOR plus 0.24 per
cent. per annum Floating Rate payable
quarterly in arrear (further particulars specified
below)
(see paragraph 15 below)

For the period from and including the Maturity
Date up to but excluding the Extended Due for
Payment Date:
1 Month Sterling LIBOR plus 0.24 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

2

13
Covered Bond Swap:

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

(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:
Not Applicable
15
Floating Rate Covered Bond Provisions
Applicable

(i)
Interest Period(s):
The period beginning from and including the
Issue 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:
28 February, 28 May, 28 August and 28
November in each year up to the Maturity
Date, provided that after the Extension
Determination Date, the Specified Interest
Payment Dates shal be the 28th calendar day
of each month commencing on but excluding
the Maturity Date and ending on the Extended
Due for Payment Date, in each case 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 28 May 2018
Date:

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

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

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

(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:

3

Reference Rate:
For the period from the Issue Date up to but
excluding the Maturity Date:
Three Month Sterling LIBOR
For the period from and including the Maturity
Date up to but excluding the Extended Due for
Payment Date:
1 Month Sterling LIBOR

Interest Determination Date(s):
The first day of the Interest Accrual Period

Relevant Screen Page:
The display page designated LIBOR01 on
Reuters at 11.00 a.m. (London time) on the
Interest Determination Date

(x) ISDA Determination:
Not Applicable

(xi) Margin(s):
+0.24 per cent. per annum

(xii) Minimum Rate of Interest:
Not Applicable

(xiii) Maximum Rate of Interest:
Not Applicable

(xiv) Day Count Fraction:
Actual/365 (Fixed)
PROVISIONS RELATING TO REDEMPTION
16
Call Option
Not Applicable

17
Put Option
Not Applicable
18
Final Redemption Amount of each
£1,000 per Calculation Amount
Covered Bond:
19
Early Redemption Amount:

Early Redemption Amount(s) per
£1,000 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
(£350,000,000 nominal amount) registered in
the name of a nominee for a common
depositary for Euroclear and Clearstream,
Luxembourg
22
Financial Centre(s):
London, Singapore

4

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 OPERATIONAL INFORMATION

ISIN:
XS1781700742

Common Code:
178170074

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):

28 DISTRIBUTION

(i)
Method of distribution:
Syndicated

(ii) If syndicated:

(A) Names of Managers:
Credit Suisse Securities (Europe) Limited
HSBC Bank plc
United Overseas Bank Limited

(B) Stabilisation Manager(s) (if
HSBC Bank plc
any):

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

7

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

(v) Prohibition of Sales to EEA Retail
Not Applicable

Investors:

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 Credit Suisse Securities (Europe) Limited, HSBC Bank
plc 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 al 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.

RISK FACTORS
The following words:
"It was announced in the Singapore Budget Statement 2018 that the qualifying debt securities scheme
wil be extended until 31 December 2023, subject to details to be announced by MAS."
shal be inserted as the last sentence of the sub-section "Risk Factors Risks Related to the Covered
Bonds Risks relating to Singapore Taxation" appearing on page 45 of the Offering Circular.

TAXATION
The following words:
"In the Singapore Budget Statement 2018, it was announced that the QDS scheme wil be extended til
31 December 2023. However, the QDS Plus Scheme wil be allowed to lapse after 31 December 2018.
Debt securities that are issued on or before 31 December 2018 can continue to enjoy the tax
concessions under the QDS Plus Scheme if the conditions under the QDS Plus Scheme are satisfied
for such debt securities. The MAS is anticipated to release further details of the changes by May
2018."
shal be inserted as the last paragraph of the sub-section "Taxation Singapore Taxation Interest
and Other Payments Qualifying Debt Securities Scheme" appearing on pages 272 to 275 of the
Offering Circular.

9