China Construction Bank assisted United Overseas Bank in its RMB 5 billion Panda bond issuance on October 21, 2024, as one of the joint lead underwriters. The three-year bond was priced at 2.3%, and the offering garnered strong demand with a subscription ratio of 1.73 times.

The transaction was a record in the market, marking the largest financial panda bond issuance by a non-Chinese Southeast Asia-based financial institution. The successful execution of the transaction laid a solid foundation for CCB and UOB to further deepen their collaboration.

This was the first Panda bond transaction from a Singapore Issuer where CCB Singapore Branch participated together with the Head Office. The transaction strengthened the capability of CCB Singapore’s investment banking transaction centre, and enabled the synergies between its commercial and investment banking businesses, and between the RMB and foreign currency businesses.