By Aleesia Forni
Virginia Beach, June 12 – Oversea-Chinese Banking Corp. Ltd. priced $1 billion of 4¼% 10-year tier 2 subordinated bonds (expected: A2/BBB+/A+) at Treasuries plus 175 basis points on Thursday, according to an informed source.
Pricing was in line with talk.
The notes sold at 99.108 to yield 4.361%.
BofA Merrill Lynch, HSBC, J.P. Morgan Securities LLC and Oversea-Chinese Banking were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes.
The issuer is a financial group based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Amount: | $1 billion
|
| Description: | Tier 2 subordinated bonds
|
| Maturity: | June 19, 2024
|
| Bookrunners: | BofA Merrill Lynch, HSBC, J.P. Morgan Securities LLC, Oversea-Chinese Banking
|
| Coupon: | 4¼%
|
| Price: | 99.108
|
| Yield: | 4.361%
|
| Spread: | Treasuries plus 175 bps
|
| Trade date: | June 12
|
| Settlement date: | June 19
|
| Ratings: | Moody’s: A2
|
| Standard & Poor's: BBB+
|
| Fitch: A+
|
| Price talk: | Treasuries plus 175 bps area
|
| Distribution: | Rule 144A, Regulation S
|
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