United Overseas Bank, which is also only the second issued from a South-east Asian financial institution. The onshore renminbi bond was priced at 3.49 per cent, one of the lowest rates among all Panda bonds issued to date, UOB said in a regulatory filing on Wednesday. The three-year, two billion yuan offering garnered a subscription rate of 2.
Its planned investment in the rights issue at debt-hit associate Bharti Airtel, which is expected to add to net debt,"will not materially affect base-case projections", according to S&P Global Ratings, which also reiterated the"A+" rating and its outlook of"stable" for Singtel.
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