By Mary-Katherine Stinson
Lexington, Ky., June 9 – Oversea-Chinese Banking Corp. Ltd. priced $750 million of tier 2 subordinated notes due 2032 (A2/BBB+/A), according to a notice.
The notes priced at par and will bear interest at 4.602% annually from issuance to the first call date of June 15, 2027. If the notes are not redeemed on that date, then the interest rate will reset to the five-year Treasury rate plus 157.5 basis points.
The notes are being sold under the bank's $30 billion global medium-term note program and will be issued June 15.
Barclays, Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., JPMorgan Securities Asia Pte. Ltd. and OCBC Bank are joint bookrunners and joint lead managers for this issue.
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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| Amount: | $750 million
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| Issue: | Tier 2 subordinated notes
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| Maturity: | June 15, 2032
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| Joint bookrunners: | Barclays Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., JPMorgan Securities Asia Private Ltd. and OCBC Bank
|
| Joint lead managers: | Barclays Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., JPMorgan Securities Asia Private Ltd. and OCBC Bank
|
| Coupon: | 4.602% resets to five-year Treasury rate plus 157.5 bps
|
| Price: | Par
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| Call features: | First callable on June 15, 2027
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| Announcement date: | June 9
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| Settlement date: | June 15
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| Ratings: | Moody’s: A2
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| S&P: BBB+
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| Fitch: A
|
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