By Marisa Wong
Los Angeles, Sept. 24 – Oversea-Chinese Banking Corp. Ltd. (OCBC Bank) priced S$200 million of 3% perpetual capital securities (expected: Baa1), according to a company notice.
The securities are callable on Sept. 30, 2030 and on any semiannual distribution payment date after that.
If the notes are not redeemed on the first call date, the distribution rate will be reset on that date and every 10 years after that. The reset rate will be the 10-year swap offer rate plus an initial spread of 219 basis points.
OCBC Bank and Standard Chartered Bank (Singapore) Ltd. are joint lead managers and bookrunners for the issue.
The additional tier 1 securities will be issued under the bank’s $30 billion global medium-term note program.
Proceeds will be used for general corporate purposes.
OCBC Bank is a financial group based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
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| Issue: | Perpetual capital securities
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| Amount: | S$200 million
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| Maturity: | Perpetual
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| Bookrunners: | OCBC Bank and Standard Chartered Bank (Singapore) Ltd.
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| Coupon: | 3% initially, resets on Sept. 30, 2030 at 10-year swap offer rate plus an initial spread of 219 bps
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| Call option: | On Sept. 30, 2030 and on any semiannual distribution payment date after that
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| Announcement date: | Sept. 24
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| Settlement date: | Sept. 30
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| Expected rating: | Moody’s: Baa1
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