By Rebecca Melvin
New York, April 11 – Singapore’s Oversea-Chinese Banking Corp. priced €500 million of 5/8% seven-year bonds (expected ratings: Aaa//AAA) at 99.333 to yield 0.723%, or mid-swaps plus 9 basis points, on Wednesday, according to a syndicate source.
Order books were more than €430 million at the time 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 were bookrunners of the deal
The issuer is a financial group based in Singapore.
| Issuer: | Oversea-Chinese Banking Corp. Ltd.
|
| Guarantor: | Red Sail Pte. Ltd.
|
| Issuer: | Covered bonds
|
| Amount: | €500 million
|
| Maturity: | April 18, 2025
|
| Lead managers: | Barclays, BNP Paribas, Landesbank Baden-Wurttemberg and OCBC Bank
|
| Coupon: | 5/8%
|
| Price: | 99.333
|
| Yield: | 0.723%
|
| Spread: | Mid-swaps plus 9 bps
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Distribution: | Regulation S
|
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