Obligation United Global Bank Ltd 0.25% ( XS1877520194 ) en EUR

United Global Bank Ltd

100 % ⇌

Singapour

XS1877520194 ( en EUR )

0.25% par an ( paiement annuel )

10/09/2023 - Obligation échue

Prospectus brochure de l'obligation United Overseas Bank Ltd XS1877520194 en EUR 0.25%, 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.

L'Obligation émise par United Global Bank Ltd ( Singapour ) , en EUR, avec le code ISIN XS1877520194, paye un coupon de 0.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 10/09/2023

EXECUTION VERSION
Notification under Section 309B(1)(c) of the Securities and Futures Act (Chapter 289) of
Singapore (the "SFA") - In connection with Section 309B of the SFA and the Securities and Futures
(Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), the Issuer
has determined the classification of the Covered Bonds as capital markets products other than
prescribed capital markets products (as defined in the CMP Regulations 2018) and Specified
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment
Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
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 3 September 2018
UNITED OVERSEAS BANK LIMITED
(incorporated with limited liability in the Republic of Singapore)
(Company Registration Number 193500026Z)
Issue of 500,000,000 0.250 per cent. 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

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:
6

(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:
EUR500,000,000
5

Issue Price:
99.520 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:
11 September 2018

(ii) Interest Commencement Date
Issue Date
8

(i)
Maturity Date:
11 September 2023

(ii) Extended Due for Payment Date of Applicable
Guaranteed
Amounts Interest Payment Date falling on or nearest to
corresponding
to
the
Final 11 September 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:
0.250 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 0.200 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

2

12
Put/Call Options:
Not Applicable
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:
Applicable from and including the Issue Date
to but excluding the Maturity Date

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

(ii) Interest Payment Date(s):
11 September in each year commencing on
the Interest Payment Date falling on 11
September 2019 and ending on the Maturity
Date

(iii) Fixed Coupon Amount(s):
EUR2.50 per Calculation Amount

(iv) Broken Amount(s):
Not Applicable

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

(vi) Determination Dates:
11 September 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 11th 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 11 October 2023
Date:

3

(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

(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):
+0.200 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"):

4

GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
21
Form of Covered Bonds:
Registered Covered Bonds:
Regulation S Global Covered Bond
(EUR500,000,000 nominal amount) registered
in the name of a nominee for a common
depositary for Euroclear and Clearstream,
Luxembourg
22
Financial Centre(s):
London, Singapore, 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:
0.347 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:
XS1877520194

Common Code:
187752019

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:
HSBC France
Norddeutsche Landesbank Girozentrale
Société Générale
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

(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 ful est extent permitted by law, none of HSBC France, Norddeutsche Landesbank 
Girozentrale , Société Générale, 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.
RISK FACTORS
The paragraph under the sub-section "Risk Factors Risks Related to the Covered Bonds Risks
relating to Singapore Taxation." on page 45 of the Offering Circular shal be deleted in its entirety and
substituted therefor with the following:
"The Covered Bonds to be issued from time to time under the Programme during the period from the
date of this Offering Circular to 31 December 2023 are, pursuant to the Income Tax Act, Chapter 134
of Singapore ("Income Tax Act") and the Monetary Authority of Singapore ("MAS") Circular FDD Cir
11/2018 entitled "Extension of Tax Concessions for Promoting the Debt Market" issued by the MAS on
31 May 2018, intended to be "qualifying debt securities" for the purposes of the Income Tax Act subject
to the fulfilment of certain conditions more particularly described in the section "Taxation 1.
Singapore Taxation". However, there is no assurance that such Covered Bonds wil continue to enjoy
the tax concessions in connection therewith should the relevant tax laws or MAS circulars be amended
or revoked at any time."
REGULATION AND SUPERVISION
(i)
The fourth paragraph under the sub-section "Regulation and Supervision Regulation and
Supervision in Singapore The Regulatory Environment Other Key Prudential Provisions
Other Significant Regulations" on page 174 of the Offering Circular shal be deleted in its
entirety and substituted therefor with the following:
"Currently, banks in Singapore have to maintain separate accounting units for Singapore
dol ar transactions (the Domestic Banking Unit, or "DBU") and foreign currency
transactions (the Asian Currency Unit or "ACU"). On 31 August 2015, the MAS released a
consultation paper entitled "Removing the DBU-ACU Divide Implementation Issues". The
consultation paper proposes to remove this divide. Consequential amendments would be
made to section 62 to remove references to the ACU and to provide instead Singapore
dollar deposit liabilities incurred by the bank with non-bank customers would rank above
other deposit liabilities incurred by the bank with non-bank customers (but behind premium
contributions under the Deposit Insurance Act and liabilities in respect of insured deposi ts).
On 10 February 2017, the MAS issued the Response to Feedback Received on Removing
the DBU-ACU Divide Implementation Issues. Among other things, the MAS noted that
the removal of the DBU-ACU divide would require significant amendments to changes in

9