Singapore's Oversea-Chinese Bank offers S$1 billion 5.1% 10-year preference shares

By Aaron Hochman-Zimmerman

New York, Aug. 11 - Oversea-Chinese Banking Corp. Ltd. (Aa3/A-/A+) announced it will offer S$1 billion in 10-year non-cumulative, non-convertible guaranteed preference shares at a rate of 5.1%, according to a press release.

The offer may increase to S$1.5 billion.

If the preference shares are not redeemed by Sept. 20, 2018, they will pay a floating-rate dividend of the three-month Singapore dollar swap offer rate plus 250 basis points.

One-quarter of the shares offered will be sold to the general public through ATM machines in multiples of 100 shares worth S$100 each for a total of S$10,000.

Proceeds from the Regulation S offering will be used to strengthen the bank's capital position in order to restructure its finances and grow its business.

OCBC is a Singapore-based retail and commercial bank.

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