Obligation United Global Bank Ltd 1.625% ( XS2050420590 ) en USD

United Global Bank Ltd

100 % ⇌

Singapour

XS2050420590 ( en USD )

1.625% par an ( paiement semestriel )

04/09/2022 - Obligation échue

Prospectus brochure de l'obligation United Overseas Bank Ltd XS2050420590 en USD 1.625%, échue

200 000 USD

500 000 000 USD

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 USD, avec le code ISIN XS2050420590, paye un coupon de 1.625% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 04/09/2022

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 I "); and (i ) al channels for distribution of the Covered Bonds to eligible
counterparties and professional clients are appropriate. Any person subsequently of ering, sel ing or
recommending the Covered Bonds (a "distributor") should take into consideration the manufacturers'
target market assessment; however, a distributor subject to MiFID I 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 29 August 2019
UNITED OVERSEAS BANK LIMITED
(incorporated with limited liability in the Republic of Singapore)
(Company Registration Number 193500026Z)
Issue of U.S.$500,000,000 1.625 per cent. Covered Bonds due 2022
unconditional y 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 shal be deemed to be defined as such for the purposes of the Conditions set forth
in the Of ering Circular dated 5 April 2019 (the "Offering Circular"). This document constitutes the
Pricing Supplement of the Covered Bonds described herein and must be read in conjunction with the
Offering 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 the Pricing Supplement and the Offering Circular. The
Offering 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

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

(i i) Calculation Agent:
Deutsche Bank AG, Hong Kong Branch
2 (i) Series Number:
7

(i ) Tranche Number:
1

(i i) Date on which the Covered Bonds
Not Applicable
become fungible:
3 Specified Currency or Currencies:
U.S.$/$/USD
4 Aggregate Nominal Amount:
U.S.$500,000,000
5 Issue Price:
99.694 per cent. of the Aggregate Nominal
Amount
6 (i) Specified Denominations:
U.S.$200,000 and integral multiples of
U.S.$1,000 in excess thereof

(i ) Calculation Amount:
U.S.$1,000
7 (i) Issue Date:
5 September 2019

(i ) Interest Commencement Date
Issue Date
8 (i) Maturity Date:
5 September 2022

(i ) Extended Due for Payment Date of Applicable
Guaranteed
Amounts Interest Payment Date fal ing on or nearest to
corresponding
to
the
Final 5 September 2023
Redemption Amount under the
Covered Bond Guarantee:
9 Interest Basis:
For the period from the Issue Date up to but
excluding the Maturity Date:
1.625 per cent. Fixed Rate payable semi-
annual y 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 U.S.$ LIBOR plus 0.4375 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.

2

11 Change of Interest Basis:
Applicable, see paragraph 9 above
12 Put/Cal Options:
Not Applicable
13 Covered Bond Swap:

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

(i ) 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:
1.625 per cent. per annum payable semi-
annual y in arrear on each Interest Payment
Date

(i ) Interest Payment Date(s):
5 March and 5 September in each year
commencing on the Interest Payment Date
fal ing on 5 March 2020 and ending on the
Maturity Date

(i i) Fixed Coupon Amount(s):
U.S.$8.125 per Calculation Amount

(iv) Broken Amount(s):
Not Applicable

(v) Day Count Fraction:
30/360

(vi) Determination Dates:
Not Applicable
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

(i ) Specified Interest Payment Dates:
The 5th 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

(i i) Interest Period Date:
Specified Interest Payment Date

3

(iv) First Specified Interest Payment 5 October 2022
Date:

(v) Business Day Convention:
Modified Following Business Day Convention

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

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

(vi i) 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 U.S.$ LIBOR

Interest Determination Date(s):
Second day on which commercial banks are
open for business (including dealing in foreign
exchange and foreign currency deposits) in
London prior to the start of each Interest
Period

Relevant Screen Page:
Reuters Screen: LIBOR01

(x) ISDA Determination:
Not Applicable

(xi) Margin(s):
+0.4375 per cent. per annum

(xi ) Minimum Rate of Interest:
Not Applicable

(xi i) 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
U.S.$1,000 per Calculation Amount
Covered Bond:
19 Early Redemption Amount:

Early Redemption Amount(s) per
U.S.$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"):

4

GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
21 Form of Covered Bonds:
Registered Covered Bonds:
Regulation S Global Covered Bond
(U.S.$500,000,000 nominal amount) registered
in the name of a nominee for a common
depositary for Euroclear and Clearstream,
Luxembourg
22 Financial Centre(s):
London, New York, Singapore
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 of er 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:
1.73 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:
XS2050420590

Common Code:
205042059

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

(i ) If syndicated:

(A) Names of Managers:
Credit Suisse Securities (Europe) Limited
HSBC Bank plc
ING Bank N.V., Singapore Branch
UBS AG London Branch
United Overseas Bank Limited

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

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

(iv) US Sel ing 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 al 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 Credit Suisse Securities (Europe) Limited, HSBC Bank
plc, ING Bank N.V., Singapore Branch, UBS AG London Branch 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.
STRUCTURE OVERVIEW

In the section "Structure Overview" the fol owing sub-paragraph shal be deemed to be added after the
sub-paragraph "(j) Cashflows" appearing on page xi of the Offering Circular and the sub-paragraphs in
the section "Structure Overview" shall be renumbered accordingly:

"(k)
Stamp Duty Payable in Respect of the Transfer of Beneficial or Equitable Interest in
Mortgages: In connection with the establishment of the Programme, the Issuer had applied for
and was granted various tax exemptions and/or remissions in relation to certain taxes which
would otherwise be payable under the covered bond structure, including stamp duty which
would be payable on the transfer of the beneficial or equitable interest in the Mortgages which
secure the Loans when (i) there is a sale of the Loans and Related Security from the Seller to
the CBG and (i ) there is a repurchase of any Loans and Related Security (including Selected
Loans) by the Seller from the CBG (the "Stamp Duty Remission"). These tax exemptions
and/or remissions were granted for each tranche of Covered Bonds issued under the
Programme on or before 31 December 2018.

The Issuer had applied in 2018 for the renewal of these tax exemptions and/or remissions. The
Ministry of Finance had responded in early January 2019 with decision minutes which renewed
the tax exemptions and/or remissions received in connection with the establishment of the
Programme for the lifespan of each tranche of Covered Bonds issued by the Issuer under the
Programme from 1 January 2019 to 31 December 2023, except for the Stamp Duty Remission.

As the Stamp Duty Remission was not renewed and based on separate confirmation obtained
from the Inland Revenue Authority of Singapore, stamp duty would thus be chargeable on
each instrument which transfers, assigns or disposes of interests in Mortgages, of up to a
maximum of S$500 per instrument. A Deed of Assignment and a Notice of Trust Assets
executed in respect of a sale of the Loans and Related Security from the Seller to the CBG and
a Deed of Assignment and the relevant Loan Repurchase Notice executed in respect of a
repurchase of the Loans and Related Security by the Sel er from the CBG, would in each case

9