UOB priced a EUR1 billion dual-tranche euro covered bond comprising EUR500 million of 2-year notes at euro mid-swaps plus 7 basis points and EUR500 million of 5-year notes at mid-swaps plus 24 basis points. The transaction was UOB’s first euro-denominated covered bond issuance of 2026 and the first dual-tranche euro covered bond transaction by an Asian issuer. The 2-year tranche was also the first such issuance by an Asia-Pacific issuer since 2023. Orders exceeded EUR4.25 billion within four hours before final books closed at approximately EUR3.9 billion, representing more than four times oversubscription. Strong demand enabled UOB to tighten pricing by 8 basis points on the 2-year tranche and 6 basis points on the 5-year tranche. The offering attracted bank treasuries, central banks, official institutions and asset managers, helping UOB diversify its funding base, manage maturities and secure historically tight refinancing spreads.