OCBC has priced US$500 million of fixed-rate subordinated notes to be issued under its US$30 billion global medium-term note programme.
Priced at 100 per cent, the notes will bear an annual coupon rate of 5.52 per cent from the issue date to the call date on May 21, 2029.
If the notes are not redeemed, their interest rate from the call date until maturity date on May 21, 2034, will be reset to a per-annum fixed rate equal to the then-prevailing five-year US Treasury rate and 1.03 per cent.
Net proceeds from the note issuance will be used for general corporate purposes, said OCBC on Tuesday (May 14).
Citigroup Global Markets Singapore, JP Morgan Securities Asia, Merrill Lynch, Standard Chartered, HSBC, Wells Fargo Securities and OCBC acted as joint lead managers and joint book runners for the issue.
The notes are expected to qualify as Tier-2 capital and are rated “A2” by Moody’s Investors Service, “BBB+” by S&P, and “A” by Fitch Ratings.
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They are slated to be listed on the Singapore Exchange on May 23.
Shares of OCBC : O39 0% ended S$0.12 or 0.8 per cent higher on Tuesday at S$14.40.
