By Rebecca Melvin
New York, Feb. 22 – Oversea-Chinese Banking Corp. Ltd. priced €500 million of 3/8% five-year notes (expected ratings: Aaa//AAA) on Thursday at 99.566 for a yield of 0.463%, or mid-swaps minus 2 basis points, according to a market source.
Pricing of the Regulation S deal came at the low end of guidance for yield in the mid-swaps minus 1 bp area, plus or minus 1 bp, which was revised from initial guidance in the mid-swaps plus 1 bp area.
The covered bonds, backed by Singaporean dollar-denominated residential mortgage loans, are guaranteed by Red Sale Pte. Ltd.
Barclays (billing and delivery), BNP Paribas, Nord/LB, OCBC Bank and UniCredit were joint lead managers of the deal, which had an order book for €800 million.
The financial group is based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Guarantor: | Red Sale Pte. Ltd.
|
| Issue: | Covered bonds
|
| Amount: | €500 million
|
| Maturity: | March 1, 2023
|
| Bookrunners: | Barclays (bill and deliver), BNP Paribas, Nord/LB, OCBC Bank and UniCredit
|
| Coupon: | 3/8%
|
| Price: | 99.566
|
| Yield: | 0.463%
|
| Spread: | Mid-swaps minus 2 bps
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps minus 1 bp area, revised from mid-swaps plus 1 bp area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
