S&P rates Oversea-Chinese bonds A

Standard & Poor's said it assigned its A issue rating to Oversea-Chinese Banking Corp.'s (OCBC, A+/stable/A-1) proposed Malaysian ringgit denominated redeemable subordinated bonds.

The agency said that Oversea-Chinese will be the first non-Malaysian multinational company to tap the Malaysia bond market since guidelines were first issued by Malaysian authorities in October 2006 to allow such issuances by non-Malaysian companies.

The proposed 10-year bonds are callable on the fifth anniversary date and will initially bear interest at a fixed rate, if these bonds are not fully redeemed on the fifth anniversary, the bond holders shall be entitled to a one-time step-up coupon rate of 100 basis points for the remaining years until maturity, the agency noted.

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