SINGAPORE - United Overseas Bank Limited (UOB) successfully priced the issuance of $1.2 billion 3.15% Fixed Rate Subordinated Notes on July 3.

This transaction is the largest subordinated notes issuance completed in the Singapore dollar market this year.

The notes will be issued off the Bank's S$5 billion Euro-Medium Term Note Programme. The bank last issued S$1 billion subordinated notes in April 2011.

The notes were marketed to a wide range of institutional and sophisticated investors both domestically and internationally.

The notes are intended to qualify as Lower Tier 2 regulatory capital. The notes have been rated Aa2 by Moody's, A+ by Standard & Poor's and A+ by Fitch.