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United Overseas Bank on Wednesday said it intends to issue 500 million euro worth of 0.500 percent covered bonds due 2025.

The covered bonds will be issued as the fourth series under the US$8 billion Global Covered Bond Programme, it said in a regulatory filing.

United Overseas Bank Limited, Deutsche Bank AG, Frankfurt, HSBC France, Norddeutsche Landesbank – Girozentrale – and UBS Limited have been appointed as lead managers for the covered bonds.

The bonds will be issued at an issue price of 99.412 percent of the principal amount.

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The notes will bear interest at a fixed rate of 0.500 percent per annum, payable semiannually in arrear, it said.

United Overseas Bank said the covered bonds are expected to be rated Aaa by Moody's Investors Service and AAA by Standard & Poor's Rating Services.

The notes are expected to be issued on January 16 and will mature on January 16, 2025.

Singapore-listed United Overseas Bank provides financial services including personal financial services, wealth management, private banking, treasury services and insurance.

Shares in the lender were down 0.5 percent at S$27.67 on the Singapore Exchange. The stock has gained 36 percent in an year.