OCBC Bank prices A$550 million floating rate notes due 2022

OCBC Bank branchOCBC Bank branch

OCBC Bank priced A$550 million (S$521.37 million) of senior floating rate notes due 2022 under its US$30 billion global medium term note program, the Singapore bank said in a filing to SGX Wednesday.

The notes, which are expected to be issued on 23 May, will bear interest at the three-month bank bill swap reference rate plus 0.62 percent per annum, OCBC said.

The net proceeds will be used for general corporate purposes, it said.

The notes are expected to be rated Aa1 by Moody’s Investors Service, AA-minus by S&P Global Ratings and AA-minus by Fitch Ratings, OCBC said.

OCBC will issue the notes via its Sydney Branch, and they are expected to be repo eligible by the Reserve Bank of Australia, the filing said.

ANZ, CBA, NAB, OCBC Bank and Westpac Banking acted as joint lead managers and book runners, the filing said.

An application was made to list the notes on the Singapore Exchange, with the listing expected for 24 May, it said.



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