United Overseas Bank (UOB) could issue an inaugural sterling covered bond, an intermediate maturity FRN, having today (Thursday) announced a roadshow commencing on Monday.

The Singaporean issuer has mandated Credit Suisse, HSBC and UOB to arrange the UK investor meetings. A potential Reg S floating rate note with an intermediate maturity may follow.

Such a deal would be the first public sterling covered bond issuance from Asia. Since the opening of the Singaporean market in July 2015, UOB and its compatriots, DBS Bank and Oversea Chinese Banking Corporation (OCBC), have issued covered bonds denominated in US dollars, euros and – in DBS’s case – Australian dollars.

DBS Bank embarked on a UK roadshow in November 2015 ahead of a potential sterling covered bond issue, but did not follow this up with a deal.

UOB’s last benchmark covered bond was a EUR500m seven year on 9 January.