By Susanna Moon
Chicago, April 17 - Oversea-Chinese Banking Corp. Ltd. said its wholly owned subsidiary OCBC Bank (Malaysia) Bhd. has raised RM 400 million of 6¾% innovative tier 1 capital securities on Friday.
The securities are perpetual securities but redeemable at the issuer's option after 10 years or upon certain tax or regulatory events.
Interest is payable semiannually up to the first redemption date.
If the notes are note redeemed, the coupon will step up to a floating rate of the six-month Kuala Lumpur Inter-bank Offered Rate plus of 332 basis points.
The securities are rated AA3 with a stable outlook by RAM Rating Services Bhd.
Oversea-Chinese Banking is a Singapore-based retail and commercial bank.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Amount: | RM 400 million
|
| Issue: | Innovative tier 1 capital securities
|
| Maturity: | Perpetual
|
| Coupon: | 6¾% until first redemption date; thereafter at floating-rate of 6-month Kuala Lumpur Inter-bank Offered Rate plus of 332 bps
|
| Price: | Par
|
| Call: | After 10 years
|
| Settlement date: | April 17
|
| Ratings: | RAM Rating Services Bhd.: AA3
|
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