By Rebecca Melvin
New York, March 7 – Singapore’s Oversea-Chinese Banking Corp. Ltd. priced £250 million five-year floating-rate notes (expected ratings: Aaa//AAA) at par on Wednesday to yield Libor plus 27 basis points, according to a syndicate source.
The Regulation S notes, guaranteed by Red Sail Pte. Ltd., are bonds backed by 100% Singapore-dollar denominated Singaporean residential mortgage loans.
Barclays, BNP Paribas, Credit Suisse and OCBC Bank are lead managers of the deal.
The issuer is a Singapore-based retail and commercial lender.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Guarantor: | Red Sail Pte. Ltd.
|
| Issue: | Singapore covered bonds
|
| Amount: | £250 million
|
| Maturity: | March 14, 2023
|
| Bookrunners: | Barclays, BNP Paribas, Credit Suisse and OCBC Bank
|
| Coupon: | Libor plus 27 bps
|
| Price: | Par
|
| Yield: | Libor plus 27 bps
|
| Pricing date: | March 7
|
| Settlement date: | March 14
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
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