By Mary-Katherine Stinson
Lexington, Ky., Aug. 8 – Oversea-Chinese Banking Corp. Ltd. sold S$500 million of 4˝% perpetual capital securities first callable in 2029 (Baa1/BBB-/BBB+), according to a notice.
The notes are first callable on the first reset date of Feb. 15, 2029. 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 an initial spread of 133.48 basis points.
The notes are under the bank's $30 billion global medium-term note program and will be issued Aug. 15.
They are expected to be listed on the Singapore Exchange on Aug. 16.
OCBC Bank is the sole lead manager and bookrunner 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
|
| Amount: | S$500 million
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| Issue: | Tier 1 perpetual capital securities
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| Maturity: | Perpetual
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| Bookrunner: | OCBC Bank
|
| Coupon: | 4˝% initially, converts to five-year SOAR-OIS plus 133.48 bps after Feb. 15, 2029
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| Call features: | First callable on first reset date of Feb. 15, 2029
|
| Settlement date: | Aug. 15
|
| Listing date: | Aug. 16
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB-
|
| Fitch: BBB+
|
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