United Overseas Bank adjusts margins for £350 million floaters due 2023

By Rebecca Melvin

Concord, N.H., July 1 – United Overseas Bank Ltd. has adjusted the Libor vs Sonia interpolated basis, the forward adjustment spread and the adjusted margin applicable of its £350 million floating-rate covered bonds due 2023, according to a company notice.

The adjustments were made by way of an extraordinary resolution following a June 8 consent solicitation.

The Libor vs Sonia interpolated basis and forward adjustment spread took place at 9 a.m. ET on June 30. The Libor vs Sonia interpolated basis is 0.079%, and the forward adjustment spread is 0.0052%; making the adjusted margin 0.24%.

This means the interest rate is 0.3242% from the effective date to maturity and 0.3242% from maturity to the extended due for payment date.

There was no consent fee payable in connection with the consent solicitation.

HSBC Bank plc and Credit Suisse Securities (Europe) Ltd. were solicitation agents, and Lucid Issuer Services Ltd. was tabulation and information agent of the pricing and adjusted margin process.

The retail bank is based in Singapore.

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