New York, Nov. 10 - Oversea-Chinese Banking Corp. priced $500 million of lower tier 2 subordinated notes due 2019 (Aa2/A/A+-) with a 4.25% coupon for the first five years.
If not called on the step-up date of Nov. 18, 2014, the coupon will increase to 299.7 basis points over the five-year Treasury benchmark rate.
OCBC Bank, Credit Suisse (Singapore) Ltd., Goldman Sachs (Singapore) Pte. and Morgan Stanley Asia (Singapore) Pte. are the bookrunners for the proposed Regulation S issue.
Proceeds will be used for general corporate purposes, but Oversea-Chinese Banking said they will not be used to fund the proposed acquisition of ING Asia Private Bank Ltd., announced Oct. 15.
Oversea-Chinese Banking is a Singapore-based retail and commercial banking company.
| Issuer: | Oversea-Chinese Banking Corp.
|
| Issue: | Lower tier 2 subordinated notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 18, 2019
|
| Coupon: | 4.25% for first five years, then five-year Treasury rate plus 299.7 bps
|
| Call: | Nov. 18, 2014
|
| Pricing date: | Nov. 11
|
| Settlement: | Nov. 18
|
| Bookrunners: | OCBC Bank, Credit Suisse (Singapore) Ltd., Goldman Sachs (Singapore) Pte. and Morgan Stanley Asia (Singapore) Pte.
|
| Distribution: | Regulation S
|
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