Singapore's Oversea-Chinese Bank plans 1.5 billion ringgit 10-year lower tier II bond offer

By Aaron Hochman-Zimmerman

New York, Feb. 26 - Oversea-Chinese Banking Corp. Ltd. announced plans to issue a 1.5 billion ringgit 10-year lower tier II bond, according to a press release.

The 1.5 billion ringgit offering may be increased to 2.5 billion ringgit.

OCBC Malaysia and RHB Investment Bank will act as bookrunners.

The bonds will be callable in five years and will step up, if not called, to the rate of the equivalent Malaysian government security plus 100 basis points.

OCBC is a Singapore-based retail and commercial bank.

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