By Aleesia Forni
Columbus, Ohio, Sept. 4 - Oversea-Chinese Banking Corp Ltd. priced $1 billion 3.15% tier 2 subordinated notes (Aa2) at Treasuries plus 255 basis points, or 99.905 to yield 3.169%, according to a syndicate source.
Initial guidance was set at 270 bps over Treasuries before being tightened to the area of Treasuries plus 255 bps to 265 bps.
The notes are callable in 5½ years and will be issued under the company's $10 billion global medium-term note program.
OCBC, Bank of America and JPMorgan are the bookrunners for the Rule 144A and Regulation S offering.
The financial group is based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | $1 billion
|
| Maturity: | March 11, 2023
|
| Bookrunners: | Bank of America, JPMorgan, OCBC
|
| Coupon: | 3.15%
|
| Price: | 99.905
|
| Yield: | 3.169%
|
| Spread: | Treasuries plus 255 bps
|
| Call option | Callable after 5½ years
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Rating: | Moody's: Aa2
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 255 bps to 265 bps over Treasuries, tightened from initial 270 bps spread
|
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