Oversea-Chinese Banking guides €500 million seven-year bonds to yield mid-swaps plus 9 bps

By Rebecca Melvin

New York, April 11 – Singapore’s Oversea-Chinese Banking Corp. plans to price €500 million of seven-year bonds (expected ratings: Aaa/AA-/AA-) to yield mid-swaps plus 9 basis points on Wednesday, according to a syndicate source.

Order books were more than €430 million at the time updated guidance was released.

The Regulation S covered bonds are guaranteed by Red Sail Pte. Ltd. and backed by Singapore dollar-denominated residential mortgage loans.

Barclays, BNP Paribas, Landesbank Baden-Wurttemberg and OCBC Bank are joint lead managers of the deal.

The issuer is a financial group based in Singapore.

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