OCBC prices A$500M floating rate green notes due 2024

Australian notes and coins

Singapore bank OCBC priced A$500 million of senior floating-rate green notes due 2024, with the proceeds earmarked to finance or refinance new or existing assets meeting eligibility criteria for green bonds under the bank’s Sustainability Bond Framework.

The notes will be issued at 100 percent of the principal and will bear interest at the three-month Bank Bill Swap reference rate, plus 0.26 percent per annum, payable quarterly, the bank said in a filing to SGX Thursday.

Moody’s Investors Service is expected to rate the notes at Aa1, while S&P Global Ratings is expected to rate at AA-minus and Fitch Ratings at AA-minus, OCBC said.

The notes will be issued by OCBC Bank, acting through its Sydney branch, and are expected to be repo eligible by the Reserve Bank of Australia, OCBC said.

ANZ Banking Group, Commonwealth Bank of Australia, National Australia Bank, OCBC Bank and UBS AG’s Singapore branch acted as joint lead managers for the issue, the statement said.

The offering was under OCBC’s US$30 billion global medium-term note program.

An application will be made to SGX to list the notes, with trade expected to begin on 13 August, OCBC said.