UOB Thailand issues THB1 billion THOR-linked floating rate notes to help drive Thailand's transition to the new reference rate

Wednesday 15 September 2021 14:38
UOB Thailand is the first foreign bank in Thailand to issue floating rate notes referencing the Thailand Overnight Repurchase Rate (THOR), reflecting the Bank's commitment to helping drive the country's transition to the new reference rate.

With a transaction size of THB 1 billion, the floating rate notes are name-registered, unsubordinated and unsecured, without Bondholder Representative. The notes were offered to institutional investors, have a tenor of 185 days and an interest of +0.1 per cent of the compounded THOR.

Ms Chintana Kittiviboolmas, Executive Director, Country Head of Global Markets, UOB Thailand, said, "UOB Thailand is committed to support Thailand's transition to THOR in line with the Bank of Thailand's policy to shift to the new interest rate benchmark. This year to date, we have completed various interbank THOR-linked transactions in areas including money market lending, overnight index swap and repurchase agreements. Our THOR-linked note offering is our latest effort in contributing to the development of Thailand's THOR-based bond and money markets."

UOB Thailand's floating rate notes are issued under the Bank's THB25 billion two-year medium-term note programme, which has been authorised by the Office of the Securities and Exchange Commission.

With a strong presence in the country, UOB Thailand is a subsidiary of Singapore's United Overseas Bank Limited, a leading regional bank. UOB Thailand is recognised by top international and national credit rating agencies as a strong bank, with ratings including A3 for Long-term Bank Deposits by Moody's Investors Service, A- for Long-term Foreign Currency and the highest AAA(tha) for Long-term National Rating by Fitch Ratings.

About UOB Thailand
United Overseas Bank (Thai) Public Company Limited is a fully-licensed commercial bank with its network of 152 branches, 410 ATMs nationwide (as of 31 January 2021). UOB Thailand is 99.66 per cent owned by Singapore-headquartered UOB, which has a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America.

UOB Thailand is rated among the top banks in Thailand: AAA by Fitch Ratings. We offer innovative financial solutions, quality products and excellent services through understanding and identifying the needs of our customers.

Generations of UOB Thailand employees have carried through the entrepreneurial spirit, the focus on long-term value creation and an unwavering commitment to do what is right for our customers and our colleagues. We believe in being a responsible financial services provider and we are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and to grow their businesses, UOB Thailand is steadfast in its support of social development, particularly in the areas of art, children and education.

Source: United Overseas Bank (Thai)