The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Best FIG borrower – Asia: United Overseas Bank

Singapore’s largest bank has led the way in the use of hybrid capital.

The world’s best borrowers in 2006

One of the hottest themes in Asian debt issuance over the past 12 months has been the re-emergence of hybrid capital, particularly for financial borrowers. UOB, Singapore’s largest bank, wins this year’s best financial borrower award for a well-executed hybrid tier 1 deal that proved to be the largest hybrid deal from Asia outside of Japan for four years and the tightest priced hybrid deal from the region.

Following changes in the guidance from the Monetary Authority of Singapore relating to hybrid debt issuance, UOB quickly re-opened the Singapore hybrid debt market in difficult conditions in December 2005 with its US$500 million issue of perpetual preference shares callable in March 2016. What really sets the deal apart from others in the region, however, was the way the UOB management team executed the transaction, as one syndicate member explains. “A lot of Asian borrowers will try to take the cheapest money on the table,” he says. “But this was tier 1 capital – it’s quasi-equity, so you need to find the right kind of investors.”

To do that, UOB undertook a full US 144A offering and embarked on a comprehensive roadshow to achieve as broad a distribution as possible.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree