Singapore’s Oversea-Chinese gets consents to tie floaters to Sonia

By Wendy Van Sickle

Columbus, Ohio, June 10 – Oversea-Chinese Banking Corp. Ltd. announced the success of its consent solicitation to change the interest rate basis for its £250 million floating-rate covered bonds due 2023 (ISIN: XS1790067745), according to a regulatory announcement.

As announced on May 18, the company sought to replace the existing Libor interest rate basis of the bond with an interest rate based on Sonia.

As of the consent solicitation deadline on June 9, the company had received sufficient consents to make the switch.

The adjusted margin over Sonia will be 348 basis points, the company announced.

Barclays Bank plc, Singapore Branch has been appointed as solicitation agent in connection with the consent solicitation.

Oversea-Chinese Banking is a financial group based in Singapore.

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