NEW DEAL: UOB US$ 10.5 NC 5.5Y Tier 2 Bond, IPT +200bp Area (~3.19%)

(Bloomberg) — May price today.
Issuer: United Overseas Bank Ltd
Reg S
Issuer ratings: Aa1/AA-/AA-
Expected issue ratings: A2/–/A+
Subordinated Tier 2
Issuer optional redemption: One-time issuer call option at par in year 5.5, subject to prior consent of MAS
Early redemption: Upon occurrence of Change of Qualification or Taxation Events, subject to regulatory approval
Interest: Fixed for the first 5.5 years, thereafter reset to prevailing 5Y USD mid swap rate plus initial spread; no step-up
Loss absorption event: Earlier of the MAS notifying the issuer in writing (i) that it is of the opinion that a write-down or conversion is necessary, without which the issuer would become non-viable or (ii) of its decision to make a public sector injection of capital, or equivalent support, without which the issuer would have become non-viable, as determined by MAS
Write-down (partial allowed): In respect of each Tier 2 subordinated note, issuer shall reduce the principal and cancel any accrued but unpaid interest by an amount as the issuer shall, in consultation with the MAS, determine or as the MAS may direct, which is required to reduced and cancelled for the issuer to cease to be non-viable write-down of Tier 2 securities will only occur after Additional Tier 1 Capital Securities with loss absorption features are fully written off or converted to equity, and pro rata with all other Tier 2 Capital Securities with loss absorption features write-down is permanent and irrevocable
UOP: General corporate use
JLMs/JBRs: UOB, BNP Paribas, CS, StanChart