OCBC US$750m Tier 2 notes priced at 4.602%

Proceeds will be used for general corporate purposes.

Oversea-Chinese Banking Corporation Limited has priced US$750m ($1.03b) of fixed-rate subordinated notes that the bank expects to qualify as Tier 2 capital.

The notes are priced at 100% and will bear a coupon of 4.602% per annum from the issue date to the call date on 15 June 2027. The bank said if the notes are not redeemed, the interest rate from the call date to the maturity date on 15 June 2032 will be reset to a fixed rate per annum equal to the aggregate of the then-prevailing 5-year U.S. Treasury Rate and 1.575%.

OCBC expects the notes to be rated A2 by Moody’s Investors Service, BBB+ by Standard & Poors, and A by Fitch Ratings Ltd.

Barclays Bank PLC, Singapore Branch, Citigroup Global Markets Singapore Pte. Ltd., J.P. Morgan Securities Asia Private Limited, and OCBC Bank acted as Joint Lead Managers and Joint Bookrunners for this issue.

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