By Marisa Wong
Los Angeles, Sept. 3 – Oversea-Chinese Banking Corp. Ltd. priced $1 billion of tier 2 subordinated notes due 2030 (expected: A2/BBB+/A) at par with an initial coupon of 1.832%, according to a company announcement.
The notes are callable on Sept. 10, 2025. If the notes are not redeemed at that time, the interest rate will reset to a fixed rate equal to Treasuries plus 158 basis points.
OCBC Bank, Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan (SEA) Ltd. and Merrill Lynch (Singapore) Pte. Ltd. are the joint lead managers and joint bookrunners.
The notes will be issued under the bank’s $30 billion global medium-term note program.
Proceeds will be used for general corporate purposes.
The issuer is a financial group based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
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| Issue: | Tier 2 subordinated notes
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| Amount: | $1 billion
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| Maturity: | Sept. 10, 2030
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| Bookrunners: | OCBC Bank, Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan (SEA) Ltd. and Merrill Lynch (Singapore) Pte. Ltd.
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| Coupon: | 1.832% initially; resets on Sept. 10, 2025 to Treasuries plus 158 bps
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| Price: | Par
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| Call option: | On Sept. 10, 2025
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| Announcement date: | Sept. 3
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| Settlement date: | Sept. 10
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| Expected ratings: | Moody’s: A2
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| S&P: BBB+
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| Fitch: A
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