By Mary-Katherine Stinson
Lexington, Ky., June 2 – Oversea-Chinese Banking Corp. Ltd. priced S$500 million 3.9% tier 1 perpetual capital securities first callable in 2027 (Baa1/BBB-/BBB+), according to a notice.
The notes are first callable on the first reset date of June 8, 2027. If the notes are not redeemed on that date, then the distribution rate will be reset then and every five years after to the prevailing five-year SOAR-OIS and the initial spread of 141.6 basis points.
The notes are under the bank's $30 billion global medium-term note program and will be issued June 8.
They are expected to be listed on the Singapore Exchange on June 9.
Credit Suisse (Singapore) Ltd., OCBC Bank and Standard Chartered Bank (Singapore) Ltd. are the joint lead managers and bookrunners for this issue.
Proceeds will be used for general corporate purposes.
| Issuer: | Oversea-Chinese Banking Corp. Ltd
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| Amount: | S$500 million
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| Issue: | Tier 1 perpetual capital securities
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| Maturity: | Perpetual
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| Bookrunners: | Credit Suisse (Singapore) Ltd., OCBC Bank and Standard Chartered Bank (Singapore) Ltd.
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| Coupon: | 3.9% initially; if not redeemed on June 8, 2027, then converts to prevailing five-year SOAR-OIS plus 141.6 bps
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| Call features: | First callable on first reset date of June 8, 2027
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| Settlement date: | June 8
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| Listing date: | June 9
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| Ratings: | Moody’s: Baa1
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| S&P: BBB-
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| Fitch: BBB+
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